-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FB0A2L1YobGRLmKhhQsolRNmD8R5i8b7M2o4llrAu91kgZyufEWDhzu99jrVh0AQ 40xLpup6UIZQzOz2KsvcLQ== 0000950137-07-019142.txt : 20071228 0000950137-07-019142.hdr.sgml : 20071228 20071228130636 ACCESSION NUMBER: 0000950137-07-019142 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20071031 FILED AS OF DATE: 20071228 DATE AS OF CHANGE: 20071228 EFFECTIVENESS DATE: 20071228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAN KAMPEN MUNICIPAL TRUST CENTRAL INDEX KEY: 0000877463 IRS NUMBER: 363779776 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-06362 FILM NUMBER: 071331206 BUSINESS ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212-296-6963 MAIL ADDRESS: STREET 1: VAN KAMPEN INVESTMENTS INC. STREET 2: 522 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN AMERICAN CAPITAL MUNICIPAL TRUST DATE OF NAME CHANGE: 19960102 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN MERRITT MUNICIPAL TRUST DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: VAN KAMPEN MERRITT QUALITY MUNICIPAL TRUST DATE OF NAME CHANGE: 19600201 N-CSR 1 c21527nvcsr.txt CERTIFIED SHAREHOLDER REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6362 Van Kampen Municipal Trust (Exact name of registrant as specified in charter) 522 Fifth Avenue, New York, New York 10036 (Address of principal executive offices) (Zip code) Ronald Robison 522 Fifth Avenue, New York, New York 10036 (Name and address of agent for service) Registrant's telephone number, including area code: 212-762-4000 Date of fiscal year end: 10/31 Date of reporting period: 10/31/07 Item 1. Reports to Shareholders. The Trust's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: Welcome, Shareholder In this report, you'll learn about how your investment in Van Kampen Municipal Trust performed during the annual period. The portfolio management team will provide an overview of the market conditions and discuss some of the factors that affected investment performance during the reporting period. In addition, this report includes the trust's financial statements and a list of trust investments as of October 31, 2007. MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO PASS. THERE IS NO ASSURANCE THAT THE TRUST WILL ACHIEVE ITS INVESTMENT OBJECTIVE. TRUSTS ARE SUBJECT TO MARKET RISK, WHICH IS THE POSSIBILITY THAT THE MARKET VALUES OF SECURITIES OWNED BY THE TRUST WILL DECLINE AND THAT THE VALUE OF TRUST SHARES MAY THEREFORE BE LESS THAN WHAT YOU PAID FOR THEM. ACCORDINGLY, YOU CAN LOSE MONEY INVESTING IN THIS TRUST. INCOME MAY SUBJECT CERTAIN INDIVIDUALS TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT).
--------------------------------------------------------------------------------------- NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE --------------------------------------------------------------------------------------- NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT ---------------------------------------------------------------------------------------
Performance Summary as of 10/31/07
MUNICIPAL TRUST SYMBOL: VKQ - --------------------------------------------------------- AVERAGE ANNUAL BASED ON BASED ON TOTAL RETURNS NAV MARKET PRICE Since Inception (9/27/91) 7.01% 6.33% 10-year 5.76 5.42 5-year 5.42 5.77 1-year -1.04 -1.88 - ---------------------------------------------------------
PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS, AND CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE FIGURES SHOWN. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS, NET ASSET VALUE (NAV) AND COMMON SHARE MARKET PRICE WILL FLUCTUATE AND TRUST SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the trust's dividend reinvestment plan, and sale of all shares at the end of the period. The trust's adviser has waived or reimbursed fees and expenses from time to time, absent such waivers/reimbursements the trust's returns would have been lower. The Lehman Brothers Municipal Bond Index is a broad-based statistical composite of municipal bonds. The index does not include any expenses, fees or sales charges, which would lower performance. The index is unmanaged and should not be considered an investment. It is not possible to invest directly in an index. 1 Trust Report FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2007 MARKET CONDITIONS Strong fundamental and technical factors supported the municipal bond market throughout the first eight months of the reporting year, helping it to perform well. In July, however, contagion from the troubled subprime mortgage sector led to an increasingly illiquid and volatile market, and a flight to quality that led Treasury bonds to outperform all other sectors of the fixed income market, including both investment grade and below investment grade municipal bonds. Up until that time, demand for municipal bonds had been quite strong as institutional investors and non-traditional buyers such as hedge funds and arbitrage investors continued to flock to the market. As market liquidity began to dry up, however, institutional demand fell off and refunding activity, which had been robust, virtually halted. The decrease in demand put significant pressure on prices and credit spreads widened, with the most significant widening occurring in the lower-rated segments of the market. In mid-September, following the 50 basis point reduction in the target federal funds rate by the Federal Open Market Committee (the "Fed"), the market began to stabilize, liquidity improved, and municipal credit spreads began to tighten again. These positive trends continued through the end of October, when the Fed reduced rates again, this time by 25 basis points, bringing the target federal funds rate to 4.5 percent. Although the performance of the municipal market improved over the last two months of the period, it had not fully recovered as of period end. Municipal bond issuance remained firm, despite a slowdown in the summer months, and demand picked up again late in the period as the relative cheapness of municipal bonds versus Treasuries attracted buyers. Overall, municipal bond yields ended the period higher, but most of the yield increases occurred in the intermediate to long maturity portion of the yield curve, while yields on the front end of the curve declined. As a result, the municipal yield curve steepened over the course of the period, with the differential between two-year and 30-year maturities widening to about 100 basis points. 2 PERFORMANCE ANALYSIS The Trust's return can be calculated based upon either the market price or the net asset value (NAV) of its shares. NAV per share is determined by dividing the value of the Trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding, while market price reflects the supply and demand for the shares. As a result, the two returns can differ, as they did during the reporting period. On both an NAV basis and a market price basis, the Trust underperformed its benchmark index, the Lehman Brothers Municipal Bond Index. TOTAL RETURN FOR THE 12-MONTH PERIOD ENDED OCTOBER 31, 2007
- ----------------------------------------------------- LEHMAN BROTHERS BASED ON BASED ON MUNICIPAL NAV MARKET PRICE BOND INDEX -1.04% -1.88% 2.91% - -----------------------------------------------------
Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment return, net asset value and common share market price will fluctuate and Trust shares, when sold, may be worth more or less than their original cost. See Performance Summary for additional performance information and index definition. Various strategies drove the Trust's performance over the course of the reporting period, most of which focused on seeking to enhance the Trust's yield. Given the relatively flat shape of the yield curve during most of the period, we favored bonds with maturities of 25 years or more for their more attractive yields. This strategy was beneficial until late in the period when short-term rates fell in response to Fed easing, and the Trust's positioning hindered performance. We also added to positions in the lower-rated, higher-yielding segment of the market, primarily BBB rated credits in the health care and tobacco sectors. These securities were additive to performance for much of the period as lower- rated bonds outperformed higher-quality issues, but in the last few months the performance of the lower-rated segment of the market suffered due to significant spread widening. Tobacco bonds were particularly hard hit. Although the fundamental credit quality of tobacco bonds remained solid throughout the period, the combination of an abundant supply, the liquidity squeeze in the market, and the flight to quality caused spreads in the sector to widen dramatically. As a result, the Trust's holdings in the sector as well as an overweight versus the benchmark Lehman Brothers Municipal Bond Index, hindered performance for the overall period, as did holdings in health care. In an effort to further enhance yield, we increased the portfolio's stake in inverse floating-rate securities.* Inverse floating-rate securities are, by nature, *An inverse floating-rate security, or "inverse floater", is a variable rate security whose coupon rate changes in the opposite direction from the change in the reference rate used to calculate the coupon rate. 3 highly sensitive to interest rate changes and the Trust's holdings in these securities held back returns as rates generally rose during the period. In addition, holdings in housing bonds, which were primarily in the form of inverse floaters, further hindered returns as ongoing supply and spread widening in the sector hurt their performance. To help manage interest-rate risk, we implemented a hedge through a short position in U.S. Treasury futures. This proved to be an effective hedging strategy as interest rates rose. However, it dampened returns as the flight to quality in the summer months drove Treasury prices up and rates lower. Positive contributors to performance for the fiscal year included the Trust's holdings in pre-refunded bonds. These short-maturity securities performed well as they did not experience the sell-off that longer maturity bonds did when rates on the long end of the curve rose. As such, the Trust's investment in these securities, coupled with an overweight versus the benchmark Lehman Brothers Municipal Bond Index, was additive to returns. Strong security selection in tax-supported debt also enhanced performance. The Trust remained well diversified across a broad range of municipal market sectors. As of the end of the reporting period, health care, pre-refunded, and industrial development revenue/pollution control revenue bonds represented the portfolio's largest sector weightings. The Trustees have approved a procedure whereby the trust may, when appropriate, repurchase its shares in the open market or in privately negotiated transactions at a price not above market value or NAV, whichever is lower at the time of purchase. This may help support the market value of the trust's shares. There is no guarantee that any sectors mentioned will continue to perform as discussed herein or that securities in such sectors will be held by the Trust in the future. 4
RATINGS ALLOCATION AS OF 10/31/07 AAA/Aaa 54.1% AA/Aa 13.9 A/A 6.0 BBB/Baa 12.3 BB/Ba 0.6 B/B 1.0 Non-Rated 12.1 TOP FIVE SECTORS AS OF 10/31/07 Hospital 18.6% General Purpose 8.6 Master Tobacco Settlement 6.9 Single-Family 6.9 Public Education 6.5 SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 10/31/07 California 17.3% Illinois 8.2 New York 7.0 Florida 6.5 Texas 5.5 New Jersey 5.0 Missouri 3.3 South Carolina 3.2 Pennsylvania 2.7 Alabama 2.7 Colorado 2.6 Indiana 2.6 Wisconsin 2.3 Washington 2.2 Massachusetts 2.2 Ohio 2.1 Nevada 2.0 Michigan 2.0 Virginia 1.9 Louisiana 1.7 Maryland 1.5 Connecticut 1.5 North Carolina 1.5 Tennessee 1.4
(continued on next page)
5
SUMMARY OF INVESTMENTS BY STATE CLASSIFICATION AS OF 10/31/07 (continued from previous page) Arizona 1.3 Kentucky 0.9 West Virginia 0.9 Iowa 0.7 Nebraska 0.6 Puerto Rico 0.6 Minnesota 0.6 New Hampshire 0.6 Alaska 0.6 Guam 0.6 Georgia 0.5 District of Columbia 0.5 Vermont 0.5 Oregon 0.5 Kansas 0.4 Oklahoma 0.3 South Dakota 0.3 North Dakota 0.3 Arkansas 0.2 New Mexico 0.1 Idaho 0.1 ----- Total Investments 100.0%
* Amount is less than 0.1% Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities mentioned or securities in the sectors shown above. Ratings and summary of investments by state classification are as a percentage of total investments. Sectors are as a percentage of total long-term investments. Securities are classified by sectors that represent broad groupings of related industries. Van Kampen is a wholly owned subsidiary of a global securities firm which is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services. Rating allocations based upon ratings as issued by Standard and Poor's and Moody's, respectively. 6 PORTFOLIO MANAGEMENT CHANGES Van Kampen Municipal Trust is managed by the Adviser's Municipals team. Current members include Thomas Byron, Vice President; Mark Paris, Executive Director; and Robert W. Wimmel, Executive Director. FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS Each Van Kampen trust provides a complete schedule of portfolio holdings in its semiannual and annual reports within 60 days of the end of the fund's second and fourth fiscal quarters. The semiannual reports and the annual reports are filed electronically with the Securities and Exchange Commission (SEC) on Form N-CSRS and Form N-CSR, respectively. Van Kampen also delivers the semiannual and annual reports to trust shareholders, and makes these reports available on its public Web site, www.vankampen.com. In addition to the semiannual and annual reports that Van Kampen delivers to shareholders and makes available through the Van Kampen public Web site, each trust files a complete schedule of portfolio holdings with the SEC for the trust's first and third fiscal quarters on Form N-Q. Van Kampen does not deliver the reports for the first and third fiscal quarters to shareholders, nor are the reports posted to the Van Kampen public Web site. You may, however, obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS filings) by accessing the SEC's Web site, http://www.sec.gov. You may also review and copy them at the SEC's Public Reference Room in Washington, DC. Information on the operation of the SEC's Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. You can also request copies of these materials, upon payment of a duplicating fee, by electronic request at the SEC's e-mail address (publicinfo@sec.gov) or by writing the Public Reference section of the SEC, Washington, DC 20549-0102. You may obtain copies of a trust's fiscal quarter filings by contacting Van Kampen Client Relations at (800) 341-2929. PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD You may obtain a copy of the Trust's Proxy Voting Policy and Procedures without charge, upon request, by calling toll free (800) 341-2929 or by visiting our Web site at www.vankampen.com. It is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov. You may obtain information regarding how the Trust voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 without charge by visiting our Web site at www.vankampen.com. This information is also available on the Securities and Exchange Commission's Web site at http://www.sec.gov. 7 Investment Advisory Agreement Approval Both the Investment Company Act of 1940 and the terms of the Fund's investment advisory agreement require that the investment advisory agreement between the Fund and its investment adviser be approved annually both by a majority of the Board of Trustees and by a majority of the independent trustees voting separately. At meetings help on April 17, 2007 and May 30, 2007, the Board of Trustees, and the independent trustees voting separately, considered and ultimately determined that the terms of the investment advisory agreement are fair and reasonable and approved the continuance of the investment advisory agreement as being in the best interests of the Fund and its shareholders. In making its determination, the Board of Trustees considered materials that were specifically prepared by the investment adviser at the request of the Board and Fund counsel, and by an independent provider of investment company data contracted to assist the Board, relating to the investment advisory agreement review process. The Board also considered information received periodically about the portfolio, performance, the investment strategy, portfolio management team and fees and expenses of the Fund. Finally, the Board considered materials it had received in approving changes to the Fund's investment policies and a reorganization of the Fund, materials it had received in connection with fee waivers currently in place for the Fund and materials it had received in connection with the share repurchase program currently in place for the Fund. The Board of Trustees considered the investment advisory agreement over a period of several months and the trustees held sessions both with the investment adviser and separate from the investment adviser in reviewing and considering the investment advisory agreement. In approving the investment advisory agreement, the Board of Trustees considered, among other things, the nature, extent and quality of the services provided by the investment adviser, the performance, fees and expenses of the Fund compared to other similar funds and other products, the investment adviser's expenses in providing the services and the profitability of the investment adviser and its affiliated companies. The Board of Trustees considered the extent to which any economies of scale experienced by the investment adviser are shared with the Fund's shareholders, and the propriety of breakpoints in the Fund's investment advisory fee schedule. The Board of Trustees considered comparative advisory fees of the Fund and other investment companies and/or other products at different asset levels, and considered the trends in the industry. The Board of Trustees evaluated other benefits the investment adviser and its affiliates derive from their relationship with the Fund. The Board of Trustees reviewed information about the foregoing factors and considered changes, if any, in such information since its previous approval. The Board of Trustees discussed the financial strength of the investment adviser and its affiliated companies and the capability of the personnel of the investment adviser, and specifically the strength and background of its portfolio 8 management personnel. The Board of Trustees reviewed the statutory and regulatory requirements for approval and disclosure of investment advisory agreements. The Board of Trustees, including the independent trustees, evaluated all of the foregoing and does not believe any single factor or group of factors control or dominate the review process, and, after considering all factors together, has determined, in the exercise of its business judgment, that approval of the investment advisory agreement is in the best interests of the Fund and its shareholders. The following summary provides more detail on certain matters considered but does not detail all matters considered. Nature, Extent and Quality of the Services Provided. On a regular basis, the Board of Trustees considers the roles and responsibilities of the investment adviser as a whole and for those specific portfolio management, support and trading functions servicing the Fund. The trustees discuss with the investment adviser the resources available and used in managing the Fund and changes made in the Fund's portfolio management strategy over time. The trustees also discuss certain other services which are provided on a cost-reimbursement basis by the investment adviser or its affiliates to the Van Kampen funds including certain accounting, administrative and legal services. The Board has determined that the nature, extent and quality of the services provided by the investment adviser support its decision to approve the investment advisory agreement. Performance, Fees and Expenses of the Fund. On a regular basis, the Board of Trustees reviews the performance, fees and expenses of the Fund compared to its peers and to appropriate benchmarks. In addition, the Board spends more focused time on the performance of the Fund and other funds in the Van Kampen complex, paying specific attention to underperforming funds. The trustees discuss with the investment adviser the performance goals and the actual results achieved in managing the Fund. When considering a fund's performance, the trustees and the investment adviser place emphasis on trends and longer-term returns (focusing on one-year, three-year and five-year performance with special attention to three-year performance) and, when a fund's weighted performance is under the fund's benchmark, they discuss the causes and where necessary seek to make specific changes to investment strategy or investment personnel. The Fund discloses more information about its performance elsewhere in this report. The trustees discuss with the investment adviser the level of advisory fees for this Fund relative to comparable funds and other products advised by the adviser and others in the marketplace. The trustees review not only the advisory fees but other fees and expenses (whether paid to the adviser, its affiliates or others) and the Fund's overall expense ratio. The Board has determined that the performance, fees and expenses of the Fund support its decision to approve the investment advisory agreement. Investment Adviser's Expenses in Providing the Service and Profitability. At least annually, the trustees review the investment adviser's expenses in providing services to the Fund and other funds advised by the investment adviser and the profitability of the investment adviser. These profitability reports are put 9 together by the investment adviser with the oversight of the Board. The trustees discuss with the investment adviser its revenues and expenses, including among other things, revenues for advisory services, portfolio management-related expenses, revenue sharing arrangement costs and allocated expenses both on an aggregate basis and per fund. The Board has determined that the analysis of the investment adviser's expenses and profitability support its decision to approve the investment advisory agreement. Economies of Scale. On a regular basis, the Board of Trustees considers the size of the Fund and how that relates to the Fund's expense ratio and particularly the Fund's advisory fee rate. In conjunction with its review of the investment adviser's profitability, the trustees discuss with the investment adviser how more (or less) assets can affect the efficiency or effectiveness of managing the Fund's portfolio and whether the advisory fee level is appropriate relative to current asset levels and/or whether the advisory fee structure reflects economies of scale as asset levels change. The Board has determined that its review of the actual and potential economies of scale of the Fund support its decision to approve the investment advisory agreement. Other Benefits of the Relationship. On a regular basis, the Board of Trustees considers other benefits to the investment adviser and its affiliates derived from its relationship with the Fund and other funds advised by the investment adviser. These benefits include, among other things, fees for transfer agency services provided to the funds, in certain cases research received by the adviser generated from commission dollars spent on funds' portfolio trading, and in certain cases distribution or service related fees related to funds' sales. The trustees review with the investment adviser each of these arrangements and the reasonableness of its costs relative to the services performed. The Board has determined that the other benefits received by the investment adviser or its affiliates support its decision to approve the investment advisory agreement. 10 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- MUNICIPAL BONDS 188.9% ALABAMA 5.1% $ 1,000 Birmingham Baptist Med Ctr AL Baptist Hlth Sys Ser A........................... 5.875% 11/15/24 $ 1,044,180 3,695 Gadsden, AL Wts Ser B (AMBAC Insd) (a)... 5.250 08/01/21 3,969,613 2,000 Jefferson Cnty, AL Ltd Oblig Sch Wt Ser A........................................ 5.250 01/01/23 2,105,720 4,000 Jefferson Cnty, AL Swr Rev Cap Impt Wts (FGIC Insd) (Prerefunded @ 8/01/12)...... 5.125 02/01/42 4,268,440 2,295 Marshall Cnty, AL Hlthcare Ser C......... 6.000 01/01/32 2,405,917 6,725 University of AL at Birmingham Hosp Rev Ser A (AMBAC Insd) (b)................... 5.000 09/01/36 6,866,522 9,850 University of AL at Birmingham Hosp Rev Ser A (b)................................ 5.000 09/01/41 10,014,524 -------------- 30,674,916 -------------- ALASKA 1.1% 2,000 Alaska St Intl Arpt Rev Ser B (AMBAC Insd) (Prerefunded @ 10/01/12)........... 5.750 10/01/17 2,199,200 1,000 Matanuska-Susitna Boro, AK Ctf Partn Pub Safety Bldg Lease (FSA Insd)............. 5.750 03/01/16 1,049,020 3,870 Northern Tob Sec Corp AK Tob Settlement Rev Asset Bkd Ser A...................... 5.000 06/01/46 3,293,254 -------------- 6,541,474 -------------- ARIZONA 2.4% 1,425 Arizona Cap Fac Fin Corp Student Hsg Rev AZ St Univ Proj.......................... 6.250 09/01/32 1,475,017 1,000 Arizona Hlth Fac Auth Hosp Sys Rev John C Lincoln Hlth Network (Prerefunded @ 12/01/12)................................ 6.375 12/01/37 1,137,410 1,650 Glendale, AZ Indl Dev Auth Rfdg.......... 5.000 12/01/35 1,569,942 1,000 Salt Verde Fin Corp Gas Rev AZ Sr........ 5.250 12/01/22 1,035,350 9,750 University of AZ Med Ctr Corp............ 5.000 07/01/35 9,347,715 -------------- 14,565,434 -------------- ARKANSAS 0.4% 2,310 Arkansas St Dev Fin Auth Rev St Agy Fac Donaghey Plaza Proj (FSA Insd)........... 5.000 06/01/34 2,365,186 -------------- CALIFORNIA 33.0% 4,000 Anaheim, CA Pub Fin Auth Lease Rev Cap Apprec Sub Pub Impt Proj Ser C (FSA Insd).................................... * 09/01/20 2,262,440 7,500 Anaheim, CA Pub Fin Auth Rev Elec Sys Dist Fac Ser A (FSA Insd)................ 5.000 10/01/31 7,739,925 2,100 Bay Area Govt Assn CA Rev Tax Alloc CA Redev Pool Ser A (XLCA Insd)............. 5.250 09/01/35 2,187,255 1,875 California Cnty, CA Tob Sec Agy Tob Asset Bkd Merced Cnty Rfdg Ser A............... 5.250 06/01/45 1,687,669
See Notes to Financial Statements 11 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 350 California Hlth Fac Fin Auth Rev Casa De Las Ser A (MBIA Insd) (Prerefunded @ 8/01/08) (a)............................. 5.250% 08/01/17 $ 354,774 1,000 California Hlth Fac Fin Auth Rev Kaiser Permanente Ser A......................... 5.000 04/01/37 1,000,980 3,000 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (b)................................ 4.950 08/01/23 3,010,027 2,000 California Hsg Fin Agy Rev Home Mtg Ser G (AMT) (b)................................ 5.050 02/01/29 2,006,685 7,350 California Hsg Fin Agy Rev Home Mtg Ser I (AMT) (b)................................ 4.800 08/01/36 7,000,577 1,000 California Pollutn Ctl Fin Auth Solid Waste Disp Rev Waste Mgmt Inc Proj Ser B (AMT).................................... 5.000 07/01/27 957,670 770 California St (AMBAC Insd)............... 5.125 10/01/27 778,108 5,000 California St (MBIA Insd) (Prerefunded @ 2/01/12)................................. 5.000 02/01/32 5,306,700 2,650 California Statewide Cmnty Dev Auth Ctf Partn (Prerefunded @ 11/01/09) (Acquired 11/23/99, Cost $2,650,000) (c)........... 7.250 11/01/29 2,879,808 1,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A.......... 5.250 07/01/30 1,003,990 1,000 California Statewide Cmnty Dev Auth Rev Daughters of Charity Hlth Ser A.......... 5.250 07/01/35 999,200 1,000 California Statewide Cmnty Dev Auth Rev Front Porch Cmnty & Svc (d).............. 5.125 04/01/37 964,640 2,000 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A............ 5.000 03/01/30 2,011,460 2,500 California Statewide Cmnty Dev Auth Rev Hlth Fac Adventist Hlth Ser A............ 5.000 03/01/35 2,505,150 5,100 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser A (b).............. 5.000 04/01/31 5,128,331 2,300 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B.................. 5.000 03/01/41 2,283,233 3,200 California Statewide Cmnty Dev Auth Rev Kaiser Permanente Ser B.................. 5.250 03/01/45 3,241,792 3,805 California Statewide Cmnty Dev Auth Rev Sutter Hlth Ser A........................ 5.000 11/15/43 3,803,021 5,000 California St Dept Wtr Res Pwr Ser A (AMBAC Insd) (Prerefunded @ 5/01/12) (e)...................................... 5.375 05/01/18 5,444,150 3,705 California St Dept Wtr Res Pwr Ser A (MBIA Insd) (Prerefunded @ 5/01/12)...... 5.375 05/01/21 4,034,115 2,000 California St Dept Wtr Res Pwr Ser A (MBIA Insd) (Prerefunded @ 5/01/12)...... 5.375 05/01/22 2,177,660 2,000 California St Dept Wtr Res Pwr Ser A (Prerefunded @ 5/01/12).................. 6.000 05/01/15 2,229,380
12 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 5,295 California St Econ Rec Ser A............. 5.000% 07/01/17 $ 5,550,960 1,995 California St Pub Wks Brd UCLA Replacement Hosp Ser A (FSA Insd)........ 5.375 10/01/20 2,124,057 5,000 California St Rfdg....................... 5.000 08/01/28 5,093,200 5,000 California St Univ Rev Sys Wide Ser A (AMBAC Insd)............................. 5.000 11/01/23 5,231,500 7,565 California St Veterans Ser CD (AMT) (b)...................................... 4.600 12/01/32 7,653,356 3,500 Capistrano, CA Uni Sch Dist (FGIC Insd).................................... 5.000 09/01/29 3,631,810 27,810 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg...................... * 01/15/33 6,362,650 18,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Rfdg (MBIA Insd) (a)...... * 01/15/25 6,870,780 6,000 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien Ser A (f)......... * 01/01/18 3,932,100 225 Foothill/Eastern Corridor Agy CA Toll Rd Rev Cap Apprec Sr Lien Ser A (Prerefunded @ 1/01/10)............................... 7.150 01/01/13 246,665 5,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A....................... 5.000 06/01/45 5,017,000 5,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A (FGIC Insd)........... 5.000 06/01/35 5,108,950 18,000 Golden St Tob Sec Corp CA Tob Settlement Rev Enhanced Ser A (FGIC Insd) (b) I..... 5.000 06/01/38 18,380,700 1,000 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A-1.............................. 5.125 06/01/47 879,680 1,000 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A-1.............................. 5.750 06/01/47 960,100 3,000 Golden St Tob Sec Corp CA Tob Settlement Rev Ser A-1 (b).......................... 5.750 06/01/47 2,888,308 1,000 Hesperia, CA Pub Fin Auth Rev Redev & Hsg Proj Ser A (XLCA Insd)................... 5.000 09/01/37 1,026,910 2,635 Imperial Irr Dist CA Ctf Partn Elec Sys Proj (FSA Insd).......................... 5.250 11/01/23 2,769,701 13,800 Los Angeles, CA Uni Sch Dist Rfdg Ser A-1 (MBIA Insd) (b).......................... 4.500 01/01/28 13,681,803 1,600 Rancho Mirage, CA Jt Pwr Fin Auth Rev Eisenhower Med Ctr Ser A................. 5.000 07/01/47 1,583,808 1,375 San Bernadino, CA Jt Pwr Fin Auth Alloc Rev Cent City Merged Proj Rfdg Ser A (AMBAC Insd) (a)......................... 5.750 07/01/20 1,584,811 1,000 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA Insd).................................... * 01/15/27 404,400 1,000 San Joaquin Hills, CA Transn Corridor Agy Toll Rd Rev Cap Apprec Rfdg Ser A (MBIA Insd).................................... * 01/15/28 384,260
See Notes to Financial Statements 13 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- CALIFORNIA (CONTINUED) $ 1,000 Southern CA Pub Pwr Auth Nat Gas Proj Rev No 1 Ser A............................... 5.250% 11/01/22 $ 1,035,260 4,290 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1.................... 5.375 06/01/38 3,992,531 3,050 Tobacco Sec Auth Northn CA Tob Settlement Rev Asset Bkd Ser A-1.................... 5.500 06/01/45 2,859,771 3,200 Tobacco Sec Auth Southn CA Tob Settlement Sr Ser A-1............................... 5.000 06/01/37 2,829,536 8,350 Tobacco Sec Auth Southn CA Tob Settlement Sr Ser A-1............................... 5.125 06/01/46 7,352,008 5,000 University CA Rev Gen Ser B (AMBAC Insd).................................... 5.000 05/15/20 5,265,150 -------------- 197,700,505 -------------- COLORADO 5.0% 4,500 Colorado Hlth Fac Auth Rev Adventist Hlth Sunbelt Ser D Rfdg (b)................... 5.250 11/15/27 4,638,690 1,000 Colorado Hlth Fac Auth Rev Catholic Hlth Initiatives Ser A (f).................... 5.500 03/01/32 1,063,580 2,250 Colorado Hlth Fac Auth Rev Covenant Retirement Cmnty Inc..................... 5.000 12/01/35 2,137,680 1,000 Colorado Hlth Fac Auth Rev Evangelical Lutheran Ser A........................... 5.250 06/01/34 1,004,090 3,700 Colorado Hlth Fac Auth Rev Hlth Fac Evangelical Lutheran..................... 5.000 06/01/35 3,599,989 1,125 Colorado Hlth Fac Auth Rev Hosp Portercare Adventist Hlth (Prerefunded @ 11/15/11)................................ 6.500 11/15/31 1,259,269 4,000 Colorado Springs, CO Util Rev Sys Sub Lien Impt Rfdg Ser A..................... 5.000 11/15/29 4,075,240 100 Jefferson Cnty, CO Residential Mtg Rev (a) (f).................................. 9.000 09/01/12 122,978 265 Jefferson Cnty, CO Residential Mtg Rev (a) (f).................................. 11.500 09/01/08 281,812 300 Jefferson Cnty, CO Residential Mtg Rev (a) (f).................................. 11.500 09/01/09 341,157 340 Jefferson Cnty, CO Residential Mtg Rev (a) (f).................................. 11.500 09/01/10 410,747 220 Jefferson Cnty, CO Residential Mtg Rev (a) (f).................................. 11.500 09/01/11 280,273 1,000 Montezuma Cnty, CO Hosp Dist Hlth Fac Enterprise Hosp Rfdg..................... 5.900 10/01/37 995,760 1,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg............................ 5.500 12/01/30 999,300 2,000 Park Creek Metro Dist CO Rev Sr Ltd Tax Ppty Tax Rfdg............................ 5.500 12/01/37 1,969,540
14 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- COLORADO (CONTINUED) $ 3,085 Platte Riv Pwr Auth CO Pwr Rev Ser EE.... 5.375% 06/01/16 $ 3,296,878 3,280 Platte Riv Pwr Auth CO Pwr Rev Ser EE (Prerefunded @ 6/01/12).................. 5.375 06/01/16 3,534,659 -------------- 30,011,642 -------------- CONNECTICUT 2.9% 4,225 Connecticut St Hsg Fin Auth Hsg Mtg Fin Pg Sub Ser B-2 (AMT) (g)................. 5.100 05/15/38 4,189,341 2,840 Connecticut St Spl Oblig Pkg Rev Bradley Intl Arpt Ser A (ACA Insd) (AMT)......... 6.600 07/01/24 2,972,798 6,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser B (d)............................ 5.750 09/01/18 6,576,505 3,500 Mashantucket Western Pequot Tribe CT Spl Rev Ser B (d)............................ 5.750 09/01/27 3,525,970 -------------- 17,264,614 -------------- DISTRICT OF COLUMBIA 1.0% 1,000 District of Columbia Hosp Rev Medlantic Hlthcare Group A Rfdg (MBIA Insd) (f).... 5.875 08/15/19 1,011,860 5,000 Metropolitan Washington DC Arpt Auth Sys Ser A (FGIC Insd) (AMT).................. 5.125 10/01/26 5,111,950 -------------- 6,123,810 -------------- FLORIDA 12.3% 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg........................... 5.250 11/15/17 973,370 1,000 Alachua Cnty, FL Indl Dev Rev North FL Retirement Vlg........................... 5.875 11/15/36 1,001,100 375 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Ser A.................................... 6.000 05/01/38 354,278 250 Beacon Lakes, FL Cmnty Dev FL Spl Assmt Sub Ser B................................ 6.200 05/01/38 242,550 3,800 Brevard Cnty, FL Hlth Fac Auth Hlthcare Fac Rev Hlth First Inc Proj.............. 5.000 04/01/34 3,788,790 3,380 Brevard Cnty, FL Hlth Fac Hlth First Inc Proj (MBIA Insd)......................... 5.125 04/01/31 3,450,743 400 Capital Tr Agy FL Rev Ft Lauderdale Proj (AMT).................................... 5.750 01/01/32 404,100 460 Escambia Cnty, FL Hlth Fac Auth Rev (AMBAC Insd)............................. 5.950 07/01/20 479,049 3,000 Florida St Dept Environmental Prot Preservtn Rev Ser A (FGIC Insd).......... 5.750 07/01/10 3,174,600 5,000 Florida St Dept Trans Tpk Rev Ser A...... 5.000 07/01/29 5,161,900 1,895 Gulf Breeze, FL Rev Loc Govt (FGIC Insd) (a)...................................... 5.625 12/01/20 1,981,374 9,500 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D (b)................. 5.000 11/15/35 9,515,343
See Notes to Financial Statements 15 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- FLORIDA (CONTINUED) $ 1,000 Highlands Cnty, FL Hlth Fac Auth Rev Hosp Adventist Hlth Ser D (Prerefunded @ 11/15/13)................................ 5.375% 11/15/35 $ 1,090,170 2,310 Hillsborough Cnty, FL Indl Dev Auth Indl Dev Rev Hlth Fac Proj Univ Cmnty Hosp Ser A........................................ 5.500 08/15/14 2,365,047 3,000 Hillsborough Cnty, FL Solid Waste & Res Recovery Rev Ser A (AMT) (b)............. 4.500 09/01/34 2,763,750 1,000 Jacksonville, FL Sales Tax Rev Better Jacksonville (MBIA Insd)................. 5.250 10/01/21 1,070,960 265 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys (Prerefunded @ 11/15/12)........ 5.500 11/15/32 290,543 5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg (b)........................ 5.000 11/15/26 5,065,225 5,000 Lakeland, FL Hosp Sys Rev Lakeland Regl Hlth Sys Rfdg (b)........................ 5.000 11/15/32 5,007,100 1,515 Miami Beach, FL Stormwtr Rev (FGIC Insd).................................... 5.250 09/01/25 1,579,418 2,000 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT).............. 5.375 10/01/25 2,064,580 2,700 Miami-Dade Cnty, FL Aviation Rev Miami Intl Arpt (FGIC Insd) (AMT).............. 5.375 10/01/32 2,769,174 5,000 Miami-Dade Cnty, FL Aviation Ser A (FSA Insd) (AMT).............................. 5.125 10/01/35 5,041,900 2,000 Miami-Dade Cnty, FL Pub Fac Rev Jackson Hlth Sys Ser A (MBIA Insd)............... 5.000 06/01/31 2,051,300 400 Orange Cnty, FL Hlth Fac Auth Rev 1st Mtg Orlando Lutheran Tower................... 5.500 07/01/32 383,312 4,300 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09).... 5.500 10/01/31 4,464,045 4,320 Orange Cnty, FL Tourist Dev Tax Rev (AMBAC Insd) (Prerefunded @ 10/01/09).... 5.625 10/01/14 4,494,701 400 Seminole Tribe FL Spl Oblig Rev Ser A (d)...................................... 5.250 10/01/27 396,712 500 Seminole Tribe FL Spl Oblig Rev Ser A (d)...................................... 5.750 10/01/22 523,640 1,060 Tallahassee, FL Lease Rev FL St Univ Proj Ser A (MBIA Insd) (a).................... 5.500 08/01/18 1,120,261 200 Tolomato Cmnty, FL Dev Dist Spl Assmt.... 6.550 05/01/27 200,376 700 Tolomato Cmnty, FL Dev Dist Spl Assmt.... 6.650 05/01/40 701,155 -------------- 73,970,566 -------------- GEORGIA 1.0% 2,000 Atlanta, GA Arpt Passenger Fac Charge Rev Gen Sub Lien Ser C (FSA Insd)............ 5.000 01/01/33 2,049,400 1,000 Augusta, GA Gen Arpt Rev Passenger Ser B (AMT).................................... 5.350 01/01/28 990,790
16 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- GEORGIA (CONTINUED) $ 1,000 Oconee Cnty, GA Indl Dev Auth Oiit Proj (XLCA Insd).............................. 5.250% 07/01/23 $ 1,048,550 2,000 Royston, GA Hosp Auth Hosp Rev Ctf Hlthcare Sys Inc Rfdg.................... 6.500 07/01/27 2,054,060 -------------- 6,142,800 -------------- IDAHO 0.2% 900 Idaho Hlth Fac Auth Rev Rfdg Valley Vista Care Corp................................ 6.125 11/15/27 917,199 -------------- ILLINOIS 15.7% 1,000 Bartlett, IL Tax Increment Rev Quarry Redev Proj Rfdg.......................... 5.600 01/01/23 1,008,790 2,000 Bolingbrook, IL Sales Tax Rev Bolingbrook (h)...................................... 0.000/6.250 01/01/24 2,044,680 3,400 Carol Stream, IL First Mtg Rev Windsor Pk Mnr Proj (Prerefunded @ 12/01/07)........ 7.000 12/01/13 3,476,398 750 Chicago, IL Increment Alloc Rev Diversey/ Narragansett Proj........................ 7.460 02/15/26 781,695 4,000 Chicago, IL Neighborhoods Alive 21 Pgm Ser A (FGIC Insd) (Prerefunded @ 7/01/10)................................. 5.750 01/01/40 4,271,400 5,000 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg Ser A (MBIA Insd) (AMT).................................... 5.375 01/01/32 5,079,700 3,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Rfdg Ser C-2 (FSA Insd) (AMT).................................... 5.250 01/01/30 3,581,095 3,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (b)......... 5.250 01/01/24 3,713,920 11,500 Chicago, IL O'Hare Intl Arpt Rev Gen Arpt Third Lien Ser A (MBIA Insd) (b)......... 5.250 01/01/25 12,202,880 1,015 Chicago, IL O'Hare Intl Arpt Rev Second Lien Passenger Fac Ser B (AMBAC Insd).... 5.500 01/01/16 1,078,103 485 Chicago, IL Pk Dist Ser C (FGIC Insd).... 5.500 01/01/19 514,051 1,495 Chicago, IL Pk Dist Ser C (FGIC Insd) (Prerefunded @ 7/01/11).................. 5.500 01/01/19 1,597,243 465 Chicago, IL Proj Rfdg Ser C (FGIC Insd).................................... 5.500 01/01/40 486,632 2,565 Chicago, IL Proj Rfdg Ser C (FGIC Insd) (a)...................................... 5.750 01/01/12 2,730,596 80 Cook Cnty, IL Sch Dist No 107 (f)........ 7.000 12/01/10 88,298 545 Cook Cnty, IL Sch Dist No 107............ 7.000 12/01/10 600,187 200 Cook Cnty, IL Sch Dist No 107 (a) (f).... 7.150 12/01/08 207,858 310 Cook Cnty, IL Sch Dist No 107 (a)........ 7.150 12/01/08 321,991 120 Cook Cnty, IL Sch Dist No 107 (a) (f).... 7.200 12/01/09 129,034 455 Cook Cnty, IL Sch Dist No 107 (a)........ 7.200 12/01/09 488,665 1,000 Cook Cnty, IL Ser A (FGIC Insd) (Prerefunded @ 5/15/11).................. 5.500 11/15/31 1,066,180 990 Cortland, IL Spl Tax Rev Sheaffer Sys Proj (Acquired 5/02/06, Cost $980,096) (c)...................................... 5.500 03/01/17 977,922
See Notes to Financial Statements 17 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $ 1,000 Deerfield, IL Ed Fac Chicagoland Jewish High Sch Proj............................ 6.000% 05/01/41 $ 1,016,960 1,000 Gilberts, IL Spl Svc Area No 19 Spl Tax The Conservancy Proj Ser 1............... 5.375 03/01/16 944,050 2,725 Illinois Dev Fin Auth Rev Cmnty Rehab Providers Fac Ser A...................... 7.375 07/01/25 2,911,499 1,565 Illinois Ed Fac Auth Rev DePaul Univ (AMBAC Insd) (Prerefunded @ 10/01/10).... 5.625 10/01/15 1,673,470 350 Illinois Fin Auth Rev Christian Homes Inc Rfdg Ser A............................... 5.750 05/15/31 334,999 1,500 Illinois Fin Auth Rev IL Inst of Technology Ser A......................... 5.000 04/01/31 1,475,535 3,000 Illinois Fin Auth Rev Kewanee Hosp Proj..................................... 5.100 08/15/31 2,702,040 1,000 Illinois Fin Auth Rev Landing at Plymouth Pl Proj Ser A............................ 6.000 05/15/25 1,019,350 1,350 Illinois Fin Auth Rev Landing at Plymouth Pl Proj Ser A............................ 6.000 05/15/37 1,353,537 2,500 Illinois Fin Auth Rev Northwestrn Mem Hosp Ser A............................... 5.500 08/15/43 2,621,425 1,500 Illinois Fin Auth Rev Osf Hlthcare Sys Ser A.................................... 5.750 11/15/37 1,587,915 2,500 Illinois Fin Auth Rev Sherman Hlth Sys 2007 Ser A............................... 5.500 08/01/37 2,510,075 1,645 Illinois Hlth Fac Auth Rev Evangelical Hosp Rfdg Ser C (FSA Insd) (a)........... 6.750 04/15/12 1,770,958 4,750 Illinois Hsg Dev Auth Rev Homeowner Mtg Sub Ser C-2 (AMT)........................ 5.150 08/01/37 4,757,505 3,000 Illinois St Ser 1 (FSA Insd)............. 5.250 12/01/21 3,194,280 3,440 Kendall, Kane & Will Cntys, IL Cmnty Sch Dist No 308 Ser B (FGIC Insd) (Prerefunded @ 10/01/12) (a)............. 5.250 10/01/19 3,705,637 250 Lake Cnty, IL Cmnty Unit Sch Dist No 116 Round Lake (Radian Insd) (f)............. 7.600 02/01/14 304,112 2,675 Metropolitan Pier & Expo Auth IL Dedicated St Tax Rev McCormick Pl Expn Ser A (MBIA Insd)........................ 5.250 06/15/42 2,778,924 192 Pingree Grove Vlg, IL Spl Svc Area No 1 Spl Tax Cambridge Lakes Proj Ser 05...... 5.250 03/01/15 193,438 2,500 Schaumburg, IL Ser B (FGIC Insd)......... 5.000 12/01/41 2,555,975 3,250 University IL Univ Rev Auxiliary Fac Sys (MBIA Insd).............................. 4.500 04/01/36 3,131,245 848 Volo Vlg, IL Spl Svc Area No 3 Spl Tax Symphony Meadows Proj Ser 1.............. 6.000 03/01/36 829,285 675 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (a) (f)...................................... * 01/01/16 484,960
18 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- ILLINOIS (CONTINUED) $ 1,335 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (a)... * 01/01/16 $ 955,313 425 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (a) (f)...................................... * 01/01/19 261,694 990 Will Cnty, IL Cmnty Sch Dist No 161 Summit Hill Cap Apprec (FGIC Insd) (a)... * 01/01/19 610,256 994 Yorkville, IL Utd City Spl Svc Area Spl Tax No 2004-107 Raintree Vlg IL Proj..... 6.250% 03/01/35 1,006,852 1,000 Yorkville, IL Utd City Spl Svc Area Tax No 2005-108 Autumn Creek IL Proj......... 6.000 03/01/36 977,930 -------------- 94,116,537 -------------- INDIANA 5.0% 1,000 Allen Cnty, IN Juvenile Justice Ctr First Mtg (AMBAC Insd)......................... 5.500 01/01/18 1,071,630 1,000 Indiana Hlth & Ed Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN................. 5.500 03/01/37 999,190 5,600 Indiana Hlth & Ed Fac Fin Auth Rev Ascension Hlth Sr Credit Ser B-6 (b)..... 5.000 11/15/36 5,626,180 5,000 Indiana Muni Pwr Agy Pwr Supply Sys Rev Ser A (MBIA Insd)........................ 5.000 01/01/42 5,123,450 4,560 Indiana St Hsg & Cmnty Dev Auth Single Family Mtg Rev Ser D-1 (AMT) (GNMA Collateralized) (b)...................... 4.625 07/01/38 4,154,187 7,420 Indianapolis, IN Loc Pub Impt Bd Bk Arpt Auth Proj Ser B (MBIA Insd) (AMT) (b).... 5.250 01/01/25 7,725,871 1,500 Petersburg, IN Pollutn Ctl Rev IN Pwr & Lt (AMT)................................. 5.950 12/01/29 1,535,805 470 Saint Joseph Cnty, IN Econ Dev Rev Ser A........................................ 6.000 05/15/38 470,296 500 Vigo Cnty, IN Hosp Auth Rev Un Hosp Inc (Acquired 9/13/07, Cost $490,388) (c).... 5.750 09/01/42 481,775 2,500 Vigo Cnty, IN Sch Bldg Corp First Mtg Impt & Rfdg (FSA Insd) (Prerefunded @ 1/10/13)................................. 5.250 07/10/24 2,697,925 -------------- 29,886,309 -------------- IOWA 1.3% 600 Jefferson Cnty, IA Hosp Rev Jefferson Cnty Hosp Proj Ser C..................... 5.950 08/01/37 593,334 1,300 Pottawattamie Cnty, IA Rev Christian Homes Inc Rfdg Ser E..................... 5.750 05/15/26 1,260,935 2,250 Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd Ser C...................... 5.375 06/01/38 2,058,322
See Notes to Financial Statements 19 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- IOWA (CONTINUED) $ 1,800 Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd Ser C...................... 5.500% 06/01/42 $ 1,670,544 2,250 Tobacco Settlement Auth IA Tob Settlement Rev Asset Bkd Ser C...................... 5.625 06/01/46 2,125,215 -------------- 7,708,350 -------------- KANSAS 0.6% 70 Cowley Cnty, KS Uni Sch Dist No 465 Winfield Impt & Rfdg (MBIA Insd) (a)..... 5.250 10/01/22 74,720 2,000 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A................... 5.000 05/15/24 1,906,860 825 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser A................... 5.000 05/15/36 757,053 375 Manhattan, KS Hlthcare Fac Rev Meadowlark Hills Retirement Ser B................... 5.125 05/15/37 347,876 400 Overland Pk, KS Dev Corp Rev First Tier Overland Pk Ser A........................ 7.375 01/01/32 422,228 -------------- 3,508,737 -------------- KENTUCKY 1.8% 4,840 Kentucky Hsg Corp Hsg Rev Ser A (AMT) (b)...................................... 4.650 07/01/37 4,522,605 5,975 Louisville & Jefferson Cnty, KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc (b)...................................... 5.000 10/01/30 5,980,666 -------------- 10,503,271 -------------- LOUISIANA 3.3% 5,000 Ernest N Morial New Orleans, LA Exhib Hall Auth Spl Tax Sub Ser A (AMBAC Insd) (Prerefunded @ 7/15/13).................. 5.250 07/15/21 5,425,850 1,465 Louisiana Hsg Fin Agy Rev Azalea Estates Rfdg Ser A (GNMA Collateralized) (AMT)... 5.375 10/20/39 1,487,576 1,675 Louisiana Loc Govt Environmental Fac Pkg Fac Corp Garage Proj Ser A (AMBAC Insd) (a)...................................... 5.200 10/01/19 1,751,899 4,400 Louisiana St Gas & Fuels Tax Rev Ser A (FGIC Insd) (b).......................... 5.000 05/01/41 4,524,234 6,650 Louisiana St Univ & Agric & Mechanical College Univ Rev Master Agreement (Acquired 11/30/98, Cost $6,650,257) (c)...................................... 5.750 10/30/18 6,656,242 -------------- 19,845,801 -------------- MARYLAND 2.9% 2,240 Baltimore, MD Convention Ctr Hotel Rev Ser A (b)................................ 5.250 09/01/25 2,398,547 750 Gaithersburg, MD Econ Dev Rev Asbury MD Oblig Group Ser A........................ 5.125 01/01/36 727,125 1,300 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev (AMT).......................... 5.100 09/01/37 1,298,921
20 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- MARYLAND (CONTINUED) $ 1,255 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (b)................ 4.450% 09/01/21 $ 1,194,981 1,000 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (b)................ 4.550 09/01/26 952,176 1,350 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (b)................ 4.625 09/01/31 1,285,438 650 Maryland St Cmnty Dev Admin Dept Hsg & Cmnty Dev Ser P (AMT) (b)................ 4.700 03/01/37 618,916 1,000 Maryland St Econ Dev Corp Rev Sr Lien Chesapeake Bay Rfdg Ser A................ 5.000 12/01/31 917,440 500 Maryland St Econ Dev Corp Student Hsg Rev Univ MD College Pk Proj (Prerefunded @ 6/01/13)................................. 5.625 06/01/35 552,245 2,000 Maryland St Hlth & Higher Ed Fac Auth Rev Mercy Med Ctr Ser A (g).................. 5.500 07/01/42 2,027,080 500 Maryland St Hlth & Higher Ed Fac Auth Rev King Farm Presbyterian Cmnty Ser A....... 5.250 01/01/27 473,090 1,700 Maryland St Trans Auth Arpt Baltimore/WA Intl Arpt Ser B (AMBAC Insd) (AMT)....... 5.125 03/01/24 1,745,628 2,365 Northeast, MD Waste Disp Auth Rfdg (AMBAC Insd) (AMT).............................. 5.500 04/01/16 2,520,499 950 Prince Georges Cnty, MD Spl Oblig Natl Harbor Proj.............................. 5.200 07/01/34 910,946 -------------- 17,623,032 -------------- MASSACHUSETTS 4.1% 2,765 Massachusetts St Dev Fin Agy Proj Ser R-2 (MBIA Insd).............................. 5.125 02/01/34 2,862,439 670 Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd)............. 6.100 09/01/18 684,974 1,000 Massachusetts St Dev Fin Agy Rev Boston Architectural Ctr (ACA Insd)............. 6.250 09/01/28 1,018,360 500 Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac Ser A...................... 5.750 11/15/35 491,780 500 Massachusetts St Dev Fin Agy Rev Linden Ponds Inc Fac Ser A...................... 5.750 11/15/42 488,930 965 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C (Prerefunded @ 7/01/11)................................. 5.750 07/01/32 1,047,382 35 Massachusetts St Hlth & Ed Fac Auth Rev Partn Hlthcare Sys Ser C................. 5.750 07/01/32 37,290 500 Massachusetts St Hlth & Ed Fac Auth Rev Ser G (MBIA Insd)........................ 5.000 07/01/13 500,540 4,850 Massachusetts St Hlth & Ed Fac Auth Rev Univ MA Mem Issue Ser D.................. 5.000 07/01/33 4,630,440 4,000 Massachusetts St Hsg Fin Agy Hsg Rev Single Family Hsg Ser 126 (AMT) (b)...... 4.700 06/01/38 4,021,473
See Notes to Financial Statements 21 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- MASSACHUSETTS (CONTINUED) $ 1,000 Massachusetts St Hsg Fin Agy Hsg Ser A (AMT).................................... 5.100% 12/01/27 $ 1,007,120 5,500 Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Ser A (b).................. 4.500 08/15/35 5,682,006 2,250 Massachusetts St Ser A (FGIC Insd)(b) (i)...................................... 4.159 05/01/37 2,107,626 -------------- 24,580,360 -------------- MICHIGAN 3.8% 3,145 Detroit, MI Loc Dev Fin Auth Tax Increment Sr Ser B (Acquired 9/08/97, Cost 3,145,000) (c)...................... 6.700 05/01/21 3,211,297 775 Detroit, MI Loc Dev Fin Auth Tax Increment Sub Ser C (Acquired 9/08/97, Cost $775,000) (c)....................... 6.850 05/01/21 790,887 3,860 Detroit, MI Ser A (XLCA Insd) (a)........ 5.250 04/01/21 4,051,533 1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A.................................... 5.250 07/01/30 992,720 1,000 Kent Hosp Fin Auth MI Rev Metro Hosp Proj Ser A.................................... 6.000 07/01/35 1,047,720 1,450 Michigan St Hosp Fin Auth Rev Chelsea Cmnty Hosp Oblig......................... 5.000 05/15/37 1,333,812 500 Michigan St Hosp Fin Auth Rev Hosp Genesys Regl Med Rfdg Ser A (f).......... 5.375 10/01/13 513,120 775 Michigan St Hsg Dev Rental Hsg Rev Ser A (MBIA Insd) (AMT)........................ 5.300 10/01/37 779,170 1,500 Michigan St Strategic Fd Detroit Edison Co Proj Rfdg Ser C (XLCA Insd) (AMT)..... 5.450 12/15/32 1,547,370 8,230 Michigan Tob Settlement Fin Auth Tob Settlement Asset Sr Ser A................ 6.000 06/01/48 8,199,631 -------------- 22,467,260 -------------- MINNESOTA 1.1% 1,260 Glencoe, MN Hlthcare Fac Rev Glencoe Regl Hlth Svc Proj............................ 5.000 04/01/31 1,212,032 1,000 Inver Grove Heights, MN Presbyterian Homes Care Rfdg.......................... 5.500 10/01/41 934,670 200 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks......................... 6.000 10/01/27 202,146 575 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks......................... 6.000 10/01/33 577,950 175 North Oaks, MN Sr Hsg Rev Presbyterian Homes North Oaks......................... 6.125 10/01/39 175,893 1,850 Saint Paul, MN Hsg & Redev Auth Hlthcare Fac Rev Hlth Partners Oblig Grp Proj..... 5.250 05/15/36 1,827,041 1,750 Saint Paul, MN Hsg & Redev Auth Hosp Rev Hlth East Proj........................... 6.000 11/15/35 1,817,112 -------------- 6,746,844 --------------
22 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- MISSOURI 6.2% $ 160 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc.................................... 5.625% 06/01/27 $ 163,354 840 Cape Girardeau Cnty, MO Indl Dev Auth Hlthcare Fac Rev Southeast MO Hosp Assoc (Prerefunded @ 6/01/12).................. 5.625 06/01/27 911,064 1,000 Carthage, MO Hosp Rev.................... 5.875 04/01/30 1,000,930 2,250 Carthage, MO Hosp Rev.................... 6.000 04/01/38 2,251,327 1,000 Cass Cnty, MO Hosp Rev (g)............... 5.625 05/01/38 1,007,340 1,400 Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg................. 6.100 06/01/20 1,408,918 1,000 Ellisville, MO Indl Dev Auth Rev Gambrill Gardens Proj Impt & Rfdg................. 6.200 06/01/29 1,006,060 385 Fenton, MO Tax Increment Rev & Impt Gravois Bluffs Proj Rfdg (Prerefunded @ 10/01/11)................................ 7.000 10/01/21 436,886 1,000 Joplin, MO Indl Dev Auth Indl Rev Christian Homes Inc Rfdg Ser F........... 5.750 05/15/31 957,140 1,000 Kearney, MO (AMBAC Insd)................. 5.500 03/01/16 1,057,350 1,200 Missouri St Hlth & Ed Fac Auth Rev Sr Living Fac Lutheran Rfdg Ser B........... 5.125 02/01/27 1,196,988 1,415 Missouri St Hlth & Ed Fac Rev Univ MO Columbia Arena Proj...................... 5.000 11/01/18 1,476,666 1,000 Missouri St Hwys & Trans Commn Rd Rev Ser A (Prerefunded @ 2/01/12)................ 5.125 02/01/17 1,062,590 2,810 Perry Cnty, MO Nursing Home Rev Rfdg..... 5.900 03/01/28 2,809,719 1,000 Saint Charles, MO Ctf Partn Ser B........ 5.500 05/01/18 1,055,220 2,505 Saint Louis, MO Arpt Rev Cap Impt Pgm Ser A (MBIA Insd) (Prerefunded @ 7/01/12) (a)...................................... 5.375 07/01/20 2,702,695 1,460 Saint Louis, MO Brd Ed Direct Dep Pgm Rfdg Ser A (FSA Insd).................... 5.000 04/01/21 1,535,146 675 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res For Srs Ser A.................................... 6.375 12/01/30 681,446 1,500 Saint Louis Cnty, MO Indl Dev Auth Sr Living Fac Rev Saint Andrews Res For Srs Ser A.................................... 6.375 12/01/41 1,508,760 2,475 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (b).......................... 4.550 07/01/29 2,310,809 3,025 Springfield, MO Pub Bldg Corp Leasehold Rev Springfield Branson Arpt Ser B (AMBAC Insd) (AMT) (b).......................... 4.600 07/01/36 2,824,322 8,000 Springfield, MO Pub Util Rev (FGIC Insd).................................... 4.500 08/01/36 7,779,360 -------------- 37,144,090 --------------
See Notes to Financial Statements 23 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- NEBRASKA 1.2% $ 2,620 Omaha Pub Pwr Dist NE Elec Rev Sys Ser A........................................ 5.000% 02/01/34 $ 2,685,474 4,135 Omaha Pub Pwr Dist NE Elec Rev Sys Ser AA (FGIC Insd) (b).......................... 4.500 02/01/34 4,193,688 -------------- 6,879,162 -------------- NEVADA 3.9% 3,000 Clark Cnty, NV Arpt Rev Sub Lien Ser A-2 (FGIC Insd).............................. 5.000 07/01/36 3,067,170 3,500 Clark Cnty, NV Bd Bk (MBIA Insd)......... 5.000 06/01/32 3,588,200 4,000 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (AMBAC Insd) (AMT)....... 5.250 07/01/34 4,083,080 5,500 Clark Cnty, NV Indl Dev Rev Southwest Gas Corp Proj Ser A (FGIC Insd) (AMT) (b).... 4.750 09/01/36 5,242,490 35 Nevada Hsg Div Single Family Mtg Mezz Ser D2 (AMT)................................. 6.300 04/01/21 35,374 930 Reno, NV Cap Impt Rev (FGIC Insd)........ 5.125 06/01/26 971,013 1,570 Reno, NV Cap Impt Rev (FGIC Insd) (Prerefunded @ 6/01/12).................. 5.125 06/01/26 1,675,410 3,100 Reno, NV Hosp Rev Renown Regl Med Ctr Proj Ser A (b)........................... 5.250 06/01/37 3,126,582 1,500 Reno, NV Sr Lien Retrac Reno Trans Proj (AMBAC Insd) (Prerefunded @ 6/01/12)..... 5.125 06/01/37 1,599,405 -------------- 23,388,724 -------------- NEW HAMPSHIRE 1.1% 4,800 New Hampshire Higher Ed & Hlth Fac Auth Rev Daniel Webster College Issue......... 6.300 07/01/29 4,856,496 1,525 New Hampshire Hlth & Ed Fac Auth Rev Derryfield Sch........................... 6.750 07/01/20 1,616,469 250 New Hampshire Hlth & Ed Fac Hlthcare Sys Covenant Hlth............................ 5.500 07/01/34 255,855 -------------- 6,728,820 -------------- NEW JERSEY 9.5% 375 Burlington Cnty, NJ Bridge Cmnty Econ Dev Rev The Evergreens Proj.................. 5.625 01/01/38 371,471 1,555 Eastern Camden Cnty, NJ Regl Sch Dist Rfdg (FGIC Insd) (a)..................... * 03/01/08 1,536,635 1,000 New Jersey Econ Dev Auth Econ Dev Rev Kapkowski Rd Landfill Proj Rfdg.......... 5.750 04/01/31 1,042,750 1,500 New Jersey Econ Dev Auth Rev Cig Tax..... 5.750 06/15/29 1,572,570 500 New Jersey Econ Dev Auth Rev Cig Tax..... 5.750 06/15/34 525,920 25,000 New Jersey Econ Dev Auth St Contract Econ Recovery (MBIA Insd)..................... 5.900 03/15/21 29,215,250 1,500 New Jersey Econ Dev Auth Wtr Fac Rev NJ Amern Wtr Co Inc Ser B (FGIC Insd) (AMT).................................... 5.375 05/01/32 1,538,055
24 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- NEW JERSEY (CONTINUED) $ 2,600 New Jersey Hlthcare Fac Fin Auth Rev Holy Name Hosp................................ 5.000% 07/01/36 $ 2,472,626 1,000 New Jersey St Ed Fac Auth Higher Ed Cap Impt Ser A (AMBAC Insd) (Prerefunded @ 9/01/12).................. 5.250 09/01/21 1,076,460 3,500 New Jersey St Tpk Auth Tpk Rev Ser C (FSA Insd).................................... 6.500 01/01/16 4,026,365 1,000 New Jersey St Trans Tr Fd Auth Trans Sys Ser A.................................... 5.750 06/15/18 1,135,810 3,000 Newark, NJ Hsg Auth Port Auth Newark Marine Term (MBIA Insd) (Prerefunded @ 1/01/14)................................. 5.000 01/01/37 3,227,700 11,000 Tobacco Settlement Fin Corp NJ Ser 1-A (b)...................................... 5.000 06/01/41 9,437,498 -------------- 57,179,110 -------------- NEW MEXICO 0.3% 1,500 Jicarilla, NM Apache Nation Rev Adj Ser A (Acquired 10/23/03, Cost $1,514,910) (c)...................................... 5.000 09/01/18 1,556,565 -------------- NEW YORK 13.3% 1,750 Liberty, NY Dev Corp Rev Goldman Sachs Headquarters............................. 5.250 10/01/35 1,863,348 3,000 Metropolitan Trans Auth NY Rev Rfdg Ser A (FGIC Insd).............................. 5.250 11/15/31 3,167,580 11,250 Metropolitan Trans Auth NY Rev Ser B (FSA Insd) (b)................................ 4.500 11/15/36 11,491,274 3,000 New York City Indl Dev Agy Amern Airl JFK Intl Arpt (AMT).......................... 7.625 08/01/25 3,384,750 1,000 New York City Indl Dev Agy Amern Airl JFK Intl Arpt (AMT).......................... 7.750 08/01/31 1,135,690 400 New York City Indl Dev Agy Rev Liberty 7 World Trade Ctr Ser A.................... 6.250 03/01/15 417,496 1,000 New York City Liberty Dev Corp Rev National Sports Museum Proj Ser A (Acquired 8/07/06, Cost $1,000,000) (c)...................................... 6.125 02/15/19 1,018,480 8,800 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D............................ 5.000 06/15/38 9,055,024 2,500 New York City Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser D............................ 5.000 06/15/39 2,570,850 85 New York City Ser A-1.................... 5.750 08/01/12 85,150 3,000 New York City Ser G...................... 5.000 12/01/27 3,098,280 1,000 New York City Trans Future Tax Second Ser C (AMBAC Insd)........................... 5.250 08/01/22 1,061,080 6,800 New York St Dorm Auth Rev City Univ Sys Cons Ser A............................... 5.625 07/01/16 7,535,488
See Notes to Financial Statements 25 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- NEW YORK (CONTINUED) $ 350 New York St Dorm Auth Rev Mt Sinai NYU Hlth..................................... 5.500% 07/01/26 $ 351,691 4,200 New York St Dorm Auth Rev Secd Hosp N General Hosp Rfdg........................ 5.750 02/15/19 4,543,644 1,000 New York St Mtg Agy Homeowner Mtg Rev 145 (AMT).................................... 5.125 10/01/37 995,400 3,249 Plainedge, NY Uni Free Sch Dist No. 2063 (Acquired 7/25/97, Cost $3,249,280) (c)...................................... 6.000 06/01/12 3,285,152 9,900 Port Auth NY & NJ Cons Ser 144 (b)....... 5.000 10/01/35 10,227,508 600 Seneca Nation Indians Cap Impt Auth NY Spl Oblig Ser A (d)...................... 5.000 12/01/23 572,280 3,000 Triborough Brdg & Tunl Auth Gen Purp Ser A........................................ 5.000 01/01/27 3,073,980 5,000 Triborough Brdg & Tunl Auth NY Gen Rfdg Ser B.................................... 5.000 11/15/21 5,230,700 3,900 Triborough Brdg & Tunl Auth NY Rev Rfdg Ser E (MBIA Insd)........................ 5.000 11/15/32 4,010,682 1,000 Westchester Tob Asset Sec Corp NY........ 5.000 06/01/26 975,380 500 Yonkers, NY Indl Dev Agy Civic Fac Rev Cmnty Dev Ppty Yonkers Inc Ser A (Prerefunded @ 2/01/11).................. 6.625 02/01/26 548,620 -------------- 79,699,527 -------------- NORTH CAROLINA 2.8% 6,830 North Carolina Med Care Cmnty Hlth Sys Rev Mission Hlth Combined Group (b)...... 5.000 10/01/36 6,885,447 1,000 North Carolina Med Care Cmnty Retirement Fac Rev First Mtg Southminster Proj Ser A (g)...................................... 5.750 10/01/37 990,060 8,300 North Carolina Muni Pwr Agy No 1 Catawba Elec Rev Rfdg (MBIA Insd)................ 6.000 01/01/12 9,075,635 -------------- 16,951,142 -------------- NORTH DAKOTA 0.6% 1,500 Grand Forks, ND Sr Hsg Rev 4000 Vly Square Proj Rfdg......................... 5.300 12/01/34 1,370,475 2,000 Ward Cnty, ND Hlthcare Fac Rev Trinity Obligated Group.......................... 5.125 07/01/29 1,979,220 -------------- 3,349,695 -------------- OHIO 4.0% 300 Adams Cnty Hosp Fac Impt Rev Adams Cnty Hosp Proj................................ 6.250 09/01/20 280,995 2,500 Buckeye, OH Tob Settlement Fin Auth Asset Bkd Turbo Ser A-2........................ 5.875 06/01/30 2,469,075 2,255 Cleveland-Cuyahoga Cnty, OH Dev Port Auth Rev Cleveland Bond Fd Ser B.............. 5.375 05/15/18 2,272,476
26 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- OHIO (CONTINUED) $ 1,000 Columbus, OH City Sch Dist Sch Fac Constr & Impt (FSA Insd) (Prerefunded @ 12/01/14)................................ 5.250% 12/01/21 $ 1,101,340 1,000 Cuyahoga Cnty, OH Hosp Fac Rev Canton Inc Proj..................................... 7.500 01/01/30 1,083,260 400 Cuyahoga Cnty, OH Hlthcare & Indpt Living Fac Rev Eliza Jennings Sr Care Ser A..... 5.750 05/15/27 392,176 1,000 Lorain Cnty, OH Hosp Rev Catholic Hlthcare Ser S........................... 5.375 10/01/30 1,029,500 2,270 Montgomery Cnty, OH Hosp Rev Kettering Med Ctr Impt & Rfdg (MBIA Insd).......... 6.250 04/01/20 2,700,074 10,525 Ohio St Air Quality Dev Auth Rev Dayton Pwr & Lt Co Proj (FGIC Insd) (AMT) (b)... 4.800 09/01/36 10,238,251 1,250 Ohio St Bldg Auth St Fac Admin Bldg Fd Proj Ser A (FSA Insd).................... 5.000 04/01/22 1,300,113 1,000 Ohio St Higher Ed Fac Cmnty Rev Hosp Univ Hosp Hlth Sys Inc Ser A.................. 5.250 01/15/46 1,007,910 -------------- 23,875,170 -------------- OKLAHOMA 0.6% 1,240 Kay Cnty, OK Home Fin Auth Rev Single Family Mtg Rfdg Ser A (AMBAC Insd) (f)...................................... 7.000 11/01/11 1,394,045 1,250 Oklahoma City, OK Pub Ppty Auth Hotel Tax Rev (FGIC Insd).......................... 5.250 10/01/29 1,314,363 820 Oklahoma Hsg Fin Agy Single Family Rev Mtg Class B (GNMA Collateralized) (AMT).................................... 7.997 08/01/18 881,057 -------------- 3,589,465 -------------- OREGON 1.0% 4,000 Oregon Hlth Sciences Univ Insd Ser A (MBIA Insd).............................. 5.250 07/01/22 4,238,760 1,500 Oregon St Dept Admin Rfdg Ser C (MBIA Insd).................................... 5.250 11/01/17 1,589,190 -------------- 5,827,950 -------------- PENNSYLVANIA 5.2% 1,750 Allegheny Cnty, PA Hosp Dev Auth Rev Hlth Sys West PA Ser A........................ 5.000 11/15/28 1,630,318 385 Allegheny Cnty, PA San Auth Swr Rev (MBIA Insd).................................... 5.500 12/01/30 405,470 315 Crawford Cnty, PA Hosp Auth Sr Living Fac Rev Wesbury Utd Methodist Cmnty (a)...... 5.875 08/15/10 321,243 295 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg Ser A (a)...................................... 5.250 12/15/07 294,976 210 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg Ser A..... 5.300 12/15/08 210,191
See Notes to Financial Statements 27 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- PENNSYLVANIA (CONTINUED) $ 320 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg Ser A (a)...................................... 5.300% 12/15/09 $ 320,426 240 Lehigh Cnty, PA Gen Purp Auth Rev First Mtg Bible Fellowship Proj Rfdg Ser A..... 5.400 12/15/10 240,698 1,000 Lehigh Cnty, PA Gen Purp Auth Rev St Lukes Hosp Bethlehem PA (i).............. 4.744 08/15/42 885,000 400 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj.......... 6.125 02/01/28 408,748 875 Montgomery Cnty, PA Indl Dev Auth Rev Mtg Whitemarsh Continuing Care Proj.......... 6.250 02/01/35 894,303 1,550 Pennsylvania Hsg Fin Agy Ser 94-A (AMT).................................... 5.100 10/01/31 1,550,434 4,000 Pennsylvania Hsg Fin Agy Single Family Mtg Rev Ser 99-A (AMT) (b)............... 5.250 10/01/32 4,046,680 7,250 Pennsylvania St Pub Sch Bldg Auth Lease Rev Sch Dist Philadelphia Proj Ser B (FSA Insd) (b)................................ 4.500 06/01/32 7,069,280 1,000 Philadelphia, PA Auth Indl Dev PA Arpt Sys Proj Ser A (FGIC Insd) (AMT)......... 5.125 07/01/19 1,029,800 2,600 Philadelphia, PA Auth Indl Rev Ser B (FSA Insd) (Prerefunded @ 10/01/11)........... 5.500 10/01/16 2,809,898 3,200 Philadelphia, PA Gas Wks Rev 1998 Gen Ordinance Ser 4 (FSA Insd) (Prerefunded @ 8/01/13).................. 5.250 08/01/19 3,481,376 2,675 Pittsburgh, PA Ser A (AMBAC Insd)........ 5.500 09/01/17 2,852,754 2,530 Pittsburgh, PA Ser A (AMBAC Insd) (Prerefunded @ 3/01/12).................. 5.500 09/01/17 2,729,035 -------------- 31,180,630 -------------- SOUTH CAROLINA 6.1% 1,000 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (b)............. 5.250 12/01/25 1,049,625 3,000 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (b)............. 5.250 12/01/26 3,148,875 4,305 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (AGC Insd) (b)...................................... 5.250 12/01/28 4,550,997 6,925 Charleston Ed Excellence Fin Corp SC Rev Charleston Cnty Sch Dist (AGC Insd) (b)...................................... 5.250 12/01/29 7,320,710 5,000 Kershaw Cnty, SC Pub Kershaw Cnty Sch Dist Proj (CIFG Insd).................... 5.000 12/01/26 5,197,750 475 Rock Hill, SC Util Sys Rev Comb Rfdg Ser C (FSA Insd)............................. 5.125 01/01/13 494,646 1,235 Rock Hill, SC Util Sys Rev Comb Rfdg Ser C (FSA Insd) (a)......................... 5.250 01/01/15 1,289,525 900 South Carolina Jobs Econ Dev Auth Hlth Fac Rev First Mtg Wesley Commons Rfdg.... 5.125 10/01/26 814,905 2,500 South Carolina Jobs Econ Dev Auth Indl Rev Elec & Gas Co Proj Ser A (AMBAC Insd).................................... 5.200 11/01/27 2,629,175
28 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- SOUTH CAROLINA (CONTINUED) $ 725 South Carolina Jobs Econ Dev Auth Rev Woodlands At Furman Proj Ser A........... 6.000% 11/15/27 $ 729,321 9,250 South Carolina Trans Infrastructure Bk Rev Ser A (AMBAC Insd)................... 5.000 10/01/33 9,492,350 -------------- 36,717,879 -------------- SOUTH DAKOTA 0.6% 3,620 South Dakota Hsg Dev Auth Homeownership Mtg Ser E (AMT) (b)...................... 4.625 05/01/36 3,350,346 -------------- TENNESSEE 2.7% 400 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp First Mtg Impt & Rfdg Ser B......... 8.000 07/01/33 459,520 400 Elizabethton, TN Hlth & Ed Fac Brd Rev Hosp Impt & Rfdg Ser B (MBIA Insd)....... 7.750 07/01/29 469,648 4,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Ser A.......... 5.500 07/01/36 4,056,080 4,000 Johnson City, TN Hlth & Ed Fac Brd Hosp Rev First Mtg Mtn St Hlth Rfdg Ser A (MBIA Insd).............................. 7.500 07/01/25 4,714,560 1,000 Metropolitan Nashville Arpt Auth TN Impt & Rfdg Ser A (FGIC Insd)................. 6.600 07/01/14 1,099,330 1,500 Shelby Cnty, TN Hlth Ed & Hsg Fac Brd Rev Trezevant Manor Proj Ser A............... 5.625 09/01/26 1,497,285 2,000 Tennessee Energy Acquisition Corp Gas Rev Ser A.................................... 5.250 09/01/21 2,046,340 1,490 Tennessee Hsg Dev Agy Home Ownership Pgm 2006 (AMT)............................... 5.150 01/01/37 1,492,354 445 Tennessee Hsg Dev Agy Home Ownership Pgm 2-A (AMT)................................ 5.700 07/01/31 452,307 -------------- 16,287,424 -------------- TEXAS 10.4% 1,130 Alliance Arpt Auth Inc TX Spl Fac Rev FedEx Corp Proj Rfdg (AMT)............... 4.850 04/01/21 1,115,807 1,250 Austin, TX Convention Enterprises Inc Convention Ctr Second Tier Rfdg Ser B.... 5.750 01/01/24 1,240,150 1,000 Brazos Cnty, TX Hlth Fac Dev Oblig Grp... 5.375 01/01/32 1,011,950 2,500 Coastal Bend Hlth Fac Dev TX Ser C (AMBAC Insd) (f) (j)............................ 7.728 11/15/13 3,108,350 2,420 Dallas Cnty, TX Cmnty College Dist Rev Fin Sys (AMBAC Insd) (Prerefunded @ 2/15/10) (a)............................. 5.375 02/15/16 2,522,898 1,000 Dallas-Fort Worth, TX Intl Arpt Rev Jt Impt & Rfdg Ser A (FGIC Insd) (AMT)...... 5.500 11/01/31 1,035,090 730 Fort Worth, TX Wtr & Swr Rev Impt & Rfdg..................................... 5.750 02/15/16 771,048
See Notes to Financial Statements 29 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 770 Fort Worth, TX Wtr & Swr Rev Impt & Rfdg (Prerefunded @ 8/15/10).................. 5.750% 02/15/16 $ 817,086 4,000 Harris Cnty-Houston, TX Sports Auth Spl Rev Jr Lien Rfdg Ser B (MBIA Insd)....... 5.250 11/15/40 4,098,320 1,000 Houston, TX Arpt Sys Rev Sub Lien Ser A (FSA Insd) (AMT)......................... 5.625 07/01/30 1,032,600 3,345 Houston, TX Hotel Occupancy Tax Convention & Entmt Ser B (AMBAC Insd).... 5.750 09/01/14 3,600,190 130 Houston, TX Pub Impt & Rfdg (FSA Insd)... 5.750 03/01/15 137,601 4,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FGIC Insd)........................ 5.250 05/15/23 4,254,360 10,000 Houston, TX Util Sys Rev First Lien Rfdg Ser A (FSA Insd)......................... 5.250 05/15/21 10,689,100 625 Lufkin, TX Hlth Fac Dev Corp Hlth Sys Rev Mem Hlth Sys East Texas.................. 5.500 02/15/37 629,688 1,250 Matagorda Cnty, TX Navig Dist No 1 Rev Coll Centerpoint Energy Proj Rfdg........ 5.600 03/01/27 1,298,825 1,000 Mesquite, TX Hlth Fac Dev Corp Retirement Fac Christian Care Ctr Ser A (Prerefunded @ 2/15/10).................. 7.625 02/15/28 1,097,160 1,800 Metropolitan Hlth Fac Dev Corp TX Wilson N Jones Mem Hosp Proj.................... 7.250 01/01/31 1,843,164 1,000 North Central, TX Hlth Fac Dev Corp Rev Hosp Baylor Hlthcare Sys Proj Ser A...... 5.125 05/15/29 1,010,600 4,000 North Central, TX Hlth Fac Dev Hosp Childrens Med Ctr Dallas (AMBAC Insd).... 5.250 08/15/32 4,133,600 16 Pecos Cnty, TX Ctf Partn (Acquired 6/23/97, Cost $16,489) (c)............... 6.000 01/12/08 16,515 3,381 Region One Ed Svc Ctr Sub Tech Fac Proj (Acquired 12/30/97, Cost $3,572,845) (c)...................................... 6.590 12/15/17 3,652,442 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc...................................... 5.625 11/15/27 971,900 1,000 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckingham Sr Living Cmnty Inc...................................... 5.750 11/15/37 968,740 5,500 Tarrant Cnty, TX Cultural Ed Fac Fin Corp Retirement Fac Buckner Retirement Svc Inc Proj..................................... 5.250 11/15/37 5,605,215 80 Texas Muni Pwr Agy Rev (MBIA Insd) (f)... * 09/01/15 58,675 2,000 Texas St Dept Hsg & Cmnty Affairs Single Family Rev Mtg Ser B (GNMA Collateralized) (AMT).................... 5.250 09/01/32 2,024,140
30 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- TEXAS (CONTINUED) $ 395 Texas St Pub Ppty Fin Corp Rev Mental Hlth & Retardation Rfdg (FSA Insd)....... 5.500% 09/01/13 $ 397,271 3,500 Tyler, TX Hlth Fac Dev Corp Hosp Rev Impt East TX Med Ctr Rfdg Ser A (g)........... 5.375 11/01/37 3,463,985 -------------- 62,606,470 -------------- VERMONT 1.0% 1,000 Vermont Econ Dev Auth Mtg Rev Wake Robin Corp Proj Ser A.......................... 5.375 05/01/36 950,430 4,895 Vermont Hsg Fin Agy Multiple Purp Ser A (FSA Insd) (AMT) (b)..................... 5.150 05/01/38 4,904,139 -------------- 5,854,569 -------------- VIRGINIA 3.5% 1,320 Fairfax Cnty, VA Ctf Partn............... 5.300 04/15/23 1,385,116 750 Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig.................................... 6.350 09/01/28 774,555 1,340 Richmond, VA (FSA Insd).................. 5.500 01/15/10 1,399,670 2,590 Tobacco Settlement Fin Corp VA........... 5.500 06/01/26 2,843,121 2,750 Tobacco Settlement Fin Corp VA (Prerefunded @ 6/01/15).................. 5.625 06/01/37 3,082,695 5,840 Virginia St Hsg Auth Dev Auth Rental Hsg Ser D (AMT) (b).......................... 4.650 01/01/39 5,427,346 4,475 Virginia St Hsg Dev Auth Comwlth Mtg Ser B (AMT) (b).............................. 4.850 01/01/36 4,279,269 2,000 White Oak Vlg Shops VA Cmnty Dev Auth Spl Assmt Rev Spl Assmt...................... 5.300 03/01/17 1,991,840 -------------- 21,183,612 -------------- WASHINGTON 4.2% 5,000 Bellevue, WA Convention Ctr Auth Spl Oblig Rev Rfdg (MBIA Insd)............... * 02/01/24 2,365,250 3,000 Clark Cnty, WA Pub Util Dist No 001 Gen Sys Rev Rfdg (FSA Insd).................. 5.625 01/01/12 3,128,550 5,000 Cowlitz Cnty, WA Spl Swr Rev CSOB Wastewtr Treatment Rfdg (FGIC Insd)...... 5.500 11/01/19 5,657,250 3,000 Energy Northwest WA Elec Rev Proj No 3 Rfdg Ser A (FSA Insd).................... 5.500 07/01/18 3,204,840 5,000 King Cnty, WA Rfdg Ser B (MBIA Insd)..... 5.250 01/01/34 5,059,500 2,000 Port Seattle, WA Rev Ser B (MBIA Insd) (AMT)........................ 5.625 02/01/24 2,071,300 1,500 Skagit Cnty, WA Pub Hosp Dist No 001 Rev Skagit Vy Hosp........................... 5.750 12/01/28 1,558,665 1,345 Tacoma, WA Elec Sys Rev Rfdg Ser A (FSA Insd).................................... 5.750 01/01/15 1,443,172 1,000 Washington St Hsg Fin Cmnty Single Family Prog Ser 2A (GNMA Collateralized) (AMT).................................... 4.700 12/01/38 937,180 -------------- 25,425,707 --------------
See Notes to Financial Statements 31 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE - ---------------------------------------------------------------------------------------------- WEST VIRGINIA 1.7% $ 3,500 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev Allegheny Energy Rfdg Ser D (AMT).................................... 5.500% 10/15/37 $ 3,519,880 6,550 Harrison Cnty, WV Cnty Cmnty Solid Waste Disp Rev Potomac Edison Co Ser A (MBIA Insd) (AMT) (a).......................... 6.875 04/15/22 6,550,000 -------------- 10,069,880 -------------- WISCONSIN 2.9% 1,500 Waukesha, WI Redev Auth Hsg Revr Sr Kirkland Crossings Proj Rfdg............. 5.500 07/01/41 1,391,940 5,230 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (AMT) (b)............ 4.750 09/01/33 4,978,847 5,935 Wisconsin Hsg & Econ Dev Auth Home Ownership Rev Ser A (AMT) (b)............ 4.800 03/01/38 5,649,672 5,000 Wisconsin St Hlth & Ed Fac Auth Mercy Hlth Sys Corp (AMBAC Insd)............... 5.500 08/15/25 5,167,050 400 Wisconsin St Hlth & Ed Fac Auth Rev Beaver Dam Cmnty Hosp Inc Ser A.......... 6.000 08/15/19 410,028 -------------- 17,597,537 -------------- GUAM 1.0% 6,000 Guam Pwr Auth Rev Ser A (AMBAC Insd)..... 5.250 10/01/34 6,195,840 -------------- PUERTO RICO 1.1% 2,000 Puerto Rico Muni Fin Agy Ser A (FSA Insd).................................... 5.250 08/01/20 2,130,640 4,500 Puerto Rico Pub Bldg Auth Rev Gtd Govt Fac Ser I (Comwth Gtd)................... 5.250 07/01/33 4,633,470 -------------- 6,764,110 -------------- TOTAL LONG-TERM INVESTMENTS 188.9% (Cost $1,108,860,651)...................................................... 1,132,668,071 SHORT-TERM INVESTMENTS 1.6% (Cost $9,830,000).......................................................... 9,830,000 -------------- TOTAL INVESTMENTS 190.5% (Cost $1,118,690,651)...................................................... 1,142,498,071
32 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued
PAR AMOUNT (000) DESCRIPTION VALUE - ---------------------------------------------------------------------------------------------- LIABILITY FOR FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD (36.4%) (Cost ($218,058,000)) $(218,058) Notes with interest rates ranging from 3.35% to 3.78% at October 31, 2007 and contractual maturities of collateral ranging from 2021 to 2047 (see Note 1) (k).................................... $ (218,058,000) -------------- TOTAL NET INVESTMENTS 154.1% (Cost $900,632,651)........................................................ 924,440,071 OTHER ASSETS IN EXCESS OF LIABILITIES 0.1%.................................. 418,241 PREFERRED SHARES (INCLUDING ACCRUED DISTRIBUTIONS) (54.2%).................. (325,139,478) -------------- NET ASSETS APPLICABLE TO COMMON SHARES 100.0%............................... $ 599,718,834 ==============
Percentages are calculated as a percentage of net assets applicable to common shares. * Zero coupon bond (a) The Trust owns 100% of the outstanding bond issuance. (b) Underlying security related to Inverse Floaters entered into by the Trust. See Note 1. (c) Security is restricted and may be resold only in transactions exempt from registration which are normally those transactions with qualified institutional buyers. Restricted securities comprise 4.0% of net assets applicable to common shares. (d) 144A-Private Placement security which is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may only be resold in transactions exempt from registration which are normally those transactions with qualified institutional buyers. (e) All or a portion of this security has been physically segregated in connection with open futures contracts. (f) Escrowed to Maturity (g) Security purchased on a when-issued or delayed delivery basis. (h) Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. (i) Floating Rate Coupon (j) Inverse Floating Rate (k) Floating rate notes. The interest rates shown reflect the rates in effect at October 31, 2007. ACA--American Capital Access AGC--AGC Insured Custody Certificates AMBAC--AMBAC Indemnity Corp. AMT--Alternative Minimum Tax CIFG--CDC IXIS Financial Guaranty See Notes to Financial Statements 33 VAN KAMPEN MUNICIPAL TRUST PORTFOLIO OF INVESTMENTS -- OCTOBER 31, 2007 continued Comwth--Commonwealth of Puerto Rico FGIC--Financial Guaranty Insurance Co. FNMA--Federal National Mortgage Association FSA--Financial Security Assurance Inc. GNMA--Government National Mortgage Association MBIA--Municipal Bond Investors Assurance Corp. Radian--Radian Asset Assurance XLCA--XL Capital Assurance Inc. FUTURES CONTRACTS OUTSTANDING AS OF OCTOBER 31, 2007:
UNREALIZED APPRECIATION/ CONTRACTS DEPRECIATION SHORT CONTRACTS: U.S. Treasury Bond Futures, December 2007 (Current Notional Value of $112,594 per contract)......... 832 $(306,520) --- ---------
34 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST FINANCIAL STATEMENTS Statement of Assets and Liabilities October 31, 2007 ASSETS: Total Investments (Cost $1,118,690,651)..................... $1,142,498,071 Cash........................................................ 415,174 Receivables: Interest.................................................. 13,879,341 Variation Margin on Futures............................... 832,000 Investments Sold.......................................... 80,000 Other....................................................... 11,443 -------------- Total Assets............................................ 1,157,716,029 -------------- LIABILITIES: Payables: Floating Rate Note Obligations............................ 218,058,000 Investments Purchased..................................... 12,748,771 Trust Shares Repurchased.................................. 429,659 Investment Advisory Fee................................... 355,062 Income Distributions--Common Shares....................... 110,871 Other Affiliates.......................................... 42,275 Trustees' Deferred Compensation and Retirement Plans........ 878,185 Accrued Expenses............................................ 234,894 -------------- Total Liabilities....................................... 232,857,717 Preferred Shares (including accrued distributions).......... 325,139,478 -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 599,718,834 ============== NET ASSET VALUE PER COMMON SHARE ($599,718,834 divided by 39,063,367 shares outstanding)............................ $ 15.35 ============== NET ASSETS CONSIST OF: Common Shares ($0.01 par value with an unlimited number of shares authorized, 39,063,367 shares issued and outstanding).............................................. $ 390,634 Paid in Surplus............................................. 584,022,835 Net Unrealized Appreciation................................. 23,500,900 Accumulated Undistributed Net Investment Income............. 1,699,268 Accumulated Net Realized Loss............................... (9,894,803) -------------- NET ASSETS APPLICABLE TO COMMON SHARES...................... $ 599,718,834 ============== PREFERRED SHARES ($0.01 par value, authorized 100,000,000 shares, 13,000 issued with liquidation preference of $25,000 per share)........................................ $ 325,000,000 ============== NET ASSETS INCLUDING PREFERRED SHARES....................... $ 924,718,834 ==============
See Notes to Financial Statements 35 VAN KAMPEN MUNICIPAL TRUST FINANCIAL STATEMENTS continued Statement of Operations For the Year Ended October 31, 2007 INVESTMENT INCOME: Interest.................................................... $ 56,181,466 ------------ EXPENSES: Interest and Residual Trust Expenses........................ 7,416,461 Investment Advisory Fee..................................... 5,227,621 Preferred Share Maintenance................................. 886,017 Accounting and Administrative Expenses...................... 191,322 Professional Fees........................................... 163,506 Reports to Shareholders..................................... 101,220 Trustees' Fees and Related Expenses......................... 86,023 Transfer Agent Fees......................................... 61,511 Custody..................................................... 60,547 Registration Fees........................................... 26,127 Other....................................................... 37,334 ------------ Total Expenses.......................................... 14,257,689 Investment Advisory Fee Reduction....................... 870,852 ------------ Net Expenses............................................ 13,386,837 ------------ NET INVESTMENT INCOME....................................... $ 42,794,629 ============ REALIZED AND UNREALIZED GAIN/LOSS: Realized Gain/Loss: Investments............................................... $ (5,010,083) Futures................................................... (1,761,084) Swap Contracts............................................ (159,273) ------------ Net Realized Loss........................................... (6,930,440) ------------ Unrealized Appreciation/Depreciation: Beginning of the Period................................... 55,058,216 ------------ End of the Period: Investments............................................. 23,807,420 Futures................................................. (306,520) ------------ 23,500,900 ------------ Net Unrealized Depreciation During the Period............... (31,557,316) ------------ NET REALIZED AND UNREALIZED LOSS............................ $(38,487,756) ============ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS..................... $(12,038,524) ============ NET DECREASE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS................................................ $ (7,731,651) ============
36 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST FINANCIAL STATEMENTS continued Statements of Changes in Net Assets
FOR THE FOR THE YEAR ENDED YEAR ENDED OCTOBER 31, 2007 OCTOBER 31, 2006 ------------------------------------ FROM INVESTMENT ACTIVITIES: Operations: Net Investment Income................................... $ 42,794,629 $ 40,278,439 Net Realized Gain/Loss.................................. (6,930,440) 3,046,336 Net Unrealized Appreciation/Depreciation During the Period................................................ (31,557,316) 15,843,964 Distributions to Preferred Shareholders: Net Investment Income................................. (12,038,524) (9,334,943) Net Realized Gain..................................... -0- (2,048,467) ------------ ------------ Change in Net Assets Applicable to Common Shares from Operations............................................ (7,731,651) 47,785,329 Distributions to Common Shareholders: Net Investment Income................................. (31,044,926) (31,033,510) Net Realized Gain..................................... -0- (9,570,738) ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM INVESTMENT ACTIVITIES............................ (38,776,577) 7,181,081 FROM CAPITAL TRANSACTIONS: Dividend Reinvestments.................................. 110,015 -0- Repurchase of Shares.................................... (4,676,346) -0- ------------ ------------ NET CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES FROM CAPITAL TRANSACTIONS............................. (4,566,331) -0- TOTAL CHANGE IN NET ASSETS APPLICABLE TO COMMON SHARES................................................ (43,342,908) 7,181,081 NET ASSETS APPLICABLE TO COMMON SHARES: Beginning of the Period................................. 643,061,742 635,880,661 ------------ ------------ End of the Period (Including accumulated undistributed net investment income of $1,699,268 and $2,009,008, respectively)......................................... $599,718,834 $643,061,742 ============ ============
See Notes to Financial Statements 37 VAN KAMPEN MUNICIPAL TRUST FINANCIAL STATEMENTS continued Statement of Cash Flows For the Year Ended October 31, 2007 CHANGE IN NET ASSETS FROM OPERATIONS (INCLUDING PREFERRED SHARE DISTRIBUTIONS)...................................... $ (7,731,651) ------------- Adjustments to Reconcile the Change in Net Assets from Operations to Net Cash Used for Operating Activities: Purchases of Investments.................................. (398,896,550) Proceeds from Sales of Investments........................ 285,320,294 Net Purchases of Short-Term Investments................... (8,095,000) Amortization of Premium................................... 1,896,045 Accretion of Discount..................................... (1,752,324) Net Realized Loss on Investments.......................... 5,010,083 Net Change in Unrealized Appreciation on Investments...... 32,288,051 Increase in Swap Contracts................................ (117,558) Increase in Variation Margin on Futures................... (1,244,367) Decrease in Interest Receivables and Other Assets......... 79,550 Decrease in Receivable for Investments Sold............... 14,988,841 Increase in Accrued Expenses and Other Payables........... 45,198 Decrease in Investments Purchased Payable................. (16,478,284) ------------- Total Adjustments....................................... (86,956,021) ------------- NET CASH USED FOR OPERATING ACTIVITIES...................... (94,687,672) ------------- CASH FLOWS FROM FINANCING ACTIVITIES Repurchased Shares........................................ (4,246,687) Dividends Paid (net of reinvested dividends of $110,015)............................................... (31,103,798) Proceeds from and Repayments to Floating Rate Note Obligations............................................. 129,928,000 ------------- NET CASH PROVIDED BY FINANCING ACTIVITIES................... 94,577,515 ------------- Net Decrease in Cash........................................ (110,157) Cash at the Beginning of the Period......................... 525,331 ------------- CASH AT THE END OF THE PERIOD............................... $ 415,174 ============= Supplemental Disclosures of Cash Flow Information Cash Paid During the Year for Interest.................... $ 7,416,461 =============
38 See Notes to Financial Statements VAN KAMPEN MUNICIPAL TRUST FINANCIAL HIGHLIGHTS THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE COMMON SHARE OF THE TRUST OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
YEAR ENDED OCTOBER 31, --------------------------------------------------- 2007 2006 2005 2004 2003 --------------------------------------------------- NET ASSET VALUE, BEGINNING OF THE PERIOD..... $ 16.33 $ 16.15 $ 16.60 $ 16.25 $ 16.12 ------- ------- ------- ------- ------- Net Investment Income....................... 1.09(a) 1.02(a) 1.02 1.03 1.02 Net Realized and Unrealized Gain/Loss....... (0.97) 0.48 (0.41) 0.37 0.13 Common Share Equivalent of Distributions Paid to Preferred Shareholders: Net Investment Income..................... (0.31) (0.24) (0.18) (0.09) (0.08) Net Realized Gain......................... -0- (0.05) -0- -0-(f) -0- ------- ------- ------- ------- ------- Total from Investment Operations............. (0.19) 1.21 0.43 1.31 1.07 Distributions Paid to Common Shareholders: Net Investment Income..................... (0.79) (0.79) (0.88) (0.94) (0.94) Net Realized Gain......................... -0- (0.24) -0- (0.02) -0- ------- ------- ------- ------- ------- NET ASSET VALUE, END OF THE PERIOD........... $ 15.35 $ 16.33 $ 16.15 $ 16.60 $ 16.25 ======= ======= ======= ======= ======= Common Share Market Price at End of the Period.................................. $ 13.85 $ 14.86 $ 14.02 $ 14.90 $ 14.57 Total Return* (b)............................ -1.88% 13.84% 0.01% 9.15% 8.60% Net Assets Applicable to Common Shares at End of the Period (In millions)................. $ 599.7 $ 643.1 $ 635.9 $ 603.6 $ 590.9 Ratio of Expenses to Average Net Assets Applicable to Common Shares* (c)............ 2.14% 1.23% 1.06% 1.19% 1.23% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares* (c)..... 6.84% 6.40% 6.21% 6.24% 6.28% Portfolio Turnover........................... 25% 28% 33% 19% 24% * If certain expenses had not been voluntarily assumed by Van Kampen, total return would have been lower and the ratios would have been as follows: Ratio of Expenses to Average Net Assets Applicable to Common Shares (c).......... 2.28% N/A N/A N/A N/A Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (c)...................................... 6.70% N/A N/A N/A N/A SUPPLEMENTAL RATIOS: Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Applicable to Common Shares (c)...... 0.95% 1.11% 1.06% 1.19% 1.23% Ratio of Expenses (Excluding Interest and Residual Trust Expenses) to Average Net Assets Including Preferred Shares (c)....... 0.63% 0.73% 0.71% 0.79% 0.81% Ratio of Net Investment Income to Average Net Assets Applicable to Common Shares (d)...... 4.92% 4.91% 5.12% 5.70% 5.77% SENIOR SECURITIES: Total Preferred Shares Outstanding........... 13,000 13,000 13,000 12,000 12,000 Asset Coverage Per Preferred Share (e)....... $71,143 $74,490 $73,933 $75,312 $74,245 Involuntary Liquidating Preference Per Preferred Share............................. $25,000 $25,000 $25,000 $25,000 $25,000 Average Market Value Per Preferred Share..... $25,000 $25,000 $25,000 $25,000 $25,000
N/A=Not Applicable (a)Based on average shares outstanding. (b)Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. (c)Ratios do not reflect the effect of dividend payments to preferred shareholders. (d)Ratios reflect the effect of dividend payments to preferred shareholders. (e)Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets and dividing this by the number of preferred shares outstanding. (f)Amount is less than $0.01 per share. See Notes to Financial Statements 39 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 1. SIGNIFICANT ACCOUNTING POLICIES Van Kampen Municipal Trust (the "Trust") is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended. The Trust's investment objective is to seek to provide a high level of current income exempt from federal income tax, consistent with preservation of capital. The Trust will invest in a portfolio consisting substantially of municipal obligations rated investment grade at the time of investment, but may invest up to 20% of its assets in unrated securities which are believed to be of comparable quality to those rated investment grade. The Trust commenced investment operations on September 27, 1991. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A. SECURITY VALUATION Municipal bonds are valued by independent pricing services or dealers using the mean of the last reported bid and asked prices or, in the absence of market quotations, at fair value based upon yield data relating to municipal bonds with similar characteristics and general market conditions. Securities which are not valued by independent pricing services or dealers are valued at fair value using procedures established in good faith by the Board of Trustees. Futures contracts are valued at the settlement price established each day on the exchange on which they are traded. Interest rate swaps are valued using market quotations obtained from brokers. Short-term securities with remaining maturities of 60 days or less are valued at amortized cost, which approximates market value. B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date basis. Realized gains and losses are determined on an identified cost basis. The Trust may purchase and sell securities on a "when-issued" or "delayed delivery" basis, with settlement to occur at a later date. The value of the security so purchased is subject to market fluctuations during this period. The Trust will segregate assets with the custodian having an aggregate value at least equal to the amount of the when-issued or delayed delivery purchase commitments until payment is made. At October 31, 2007, the Trust had $11,716,615 of when-issued or delayed delivery purchase commitments. C. INVESTMENT INCOME Interest income is recorded on an accrual basis. Bond premium is amortized and discount is accreted over the expected life of each applicable security. D. FEDERAL INCOME TAXES It is the Trust's policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required. The Trust intends to utilize provisions of the federal income tax laws which allow it to carry a realized capital loss forward for eight years following the year of the loss and offset these losses against any future realized capital gains. 40 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued At October 31, 2007, the Trust had an accumulated capital loss carry forward for tax purposes of $11,515,569, which will expire according to the following schedule.
AMOUNT EXPIRATION $ 468,317................................................... October 31, 2008 929,222................................................... October 31, 2009 2,903,782................................................... October 31, 2011 593,665................................................... October 31, 2014 6,620,583................................................... October 31, 2015
A portion of the capital loss carry forward above was acquired due to a merger with another regulated investment company and is subject to annual limitations. At October 31, 2007, the cost and related gross unrealized appreciation and depreciation were as follows: Cost of investments for tax purposes........................ $898,832,642 ============ Gross tax unrealized appreciation........................... $ 37,620,518 Gross tax unrealized depreciation........................... (12,013,089) ------------ Net tax unrealized appreciation on investments.............. $ 25,607,429 ============
E. DISTRIBUTION OF INCOME AND GAINS The Trust declares and pays monthly dividends from net investment income to common shareholders. Net realized gains, if any, are distributed at least annually on a pro rata basis to common and preferred shareholders. Distributions from net realized gains for book purposes may include short-term capital gains and a portion of futures gains, which are included as ordinary income for tax purposes. The tax character of distributions paid during the years ended October 31, 2007 and 2006 were as follows:
2007 2006 Distributions paid from: Ordinary income........................................... $ 14,942 $ 243,323 Tax-exempt income......................................... 43,237,394 40,079,119 Long-term capital gain.................................... -0- 11,619,205 ----------- ----------- $43,252,336 $51,941,647 =========== ===========
Permanent differences, due to book to tax accretion differences, resulted in the following reclassifications among the Trust's components of net assets at October 31, 2007:
ACCUMULATED UNDISTRIBUTED ACCUMULATED NET NET INVESTMENT INCOME REALIZED LOSS PAID IN SURPLUS $(20,919) $20,919 $-0-
41 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued As of October 31, 2007, the components of distributable earnings on a tax basis were as follows: Undistributed ordinary income............................... $ 2,390 Undistributed tax-exempt income............................. 2,339,650 Undistributed long-term capital gain........................ -0-
Net realized gains or losses may differ for financial reporting and tax purposes primarily as a result of gains or losses recognized on securities for tax purposes but not for book purposes, the deferral of losses relating to wash sale transactions and gains or losses recognized for tax purposes on open futures transactions on October 31, 2007. F. FLOATING RATE NOTE OBLIGATIONS RELATED TO SECURITIES HELD The Trust enters into transactions in which it transfers to dealer trusts fixed rate bonds in exchange for cash and residual interests in the dealer trusts' assets and cash flows, which are in the form of inverse floating rate investments. The dealer trusts fund the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The Trust enters into shortfall agreements with the dealer trusts, which commit the Trust to pay the dealer trusts, in certain circumstances, the difference between the liquidation value of the fixed rate bonds held by the dealer trusts and the liquidation value of the floating rate notes held by third parties, as well as any shortfalls in interest cash flows. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the dealer trusts to the Trust, thereby collapsing the dealer trusts. The Trust accounts for the transfer of bonds to the dealer trusts as secured borrowings, with the securities transferred remaining in the Trust's investment assets, and the related floating rate notes reflected as Trust liabilities under the caption "Floating Rate Note Obligations" on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption "Interest" and records the expenses related to floating rate note obligations and any administrative expenses of the dealer trusts under the caption "Interest and Residual Trust Expenses" on the Trust's Statement of Operations. The notes issued by the dealer trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the dealer trusts for redemption at par at each reset date. At October 31, 2007, Trust investments with a value of $292,086,304 are held by the dealer trusts and serve as collateral for the $218,058,000 in floating rate notes outstanding at that date. Contractual maturities of the floating rate notes and interest rates in effect at October 31, 2007 are presented on the Portfolio of Investments. The average floating rate notes outstanding and average annual interest and fee rate related to residual interests during the fiscal year ended October 31, 2007 were $190,884,077 and 3.886%, respectively. 2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES Under the terms of the Trust's Investment Advisory Agreement, Van Kampen Asset Management (the "Adviser") will provide investment advice and facilities to the Trust for an annual fee payable monthly of .55% of the average daily net assets including preferred shares of the Trust. Effective December 1, 2006, the Adviser has agreed to waive investment advisory fees equal to .10% of the average daily net assets including preferred shares of the Trust. 42 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued During the period ended October 31, 2007, the Adviser waived $870,852 of its advisory fees. The waiver is voluntary and can be discontinued at any time. For the year ended October 31, 2007, the Trust recognized expenses of approximately $73,300 representing legal services provided by Skadden, Arps, Slate, Meagher & Flom LLP, of which a trustee of the Trust is a partner of such firm and he and his law firm provide legal services as legal counsel to the Trust. Under separate Legal Services, Accounting Services and Chief Compliance Officer (CCO) Employment agreements, the Adviser provides accounting and legal services and the CCO provides compliance services to the Trust. The costs of these services are allocated to each trust. For the year ended October 31, 2007, the Trust recognized expenses of approximately $107,000 representing Van Kampen Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of providing accounting and legal services to the Trust, as well as the salary, benefits and related costs of the CCO and related support staff paid by Van Kampen. Services provided pursuant to the Legal Services agreement are reported as part of "Professional Fees" on the Statement of Operations. Services provided pursuant to the Accounting Services and CCO Employment agreement are reported as part of "Accounting and Administrative Expenses" on the Statement of Operations. Certain officers and trustees of the Trust are also officers and directors of Van Kampen. The Trust does not compensate its officers or trustees who are also officers of Van Kampen. The Trust provides deferred compensation and retirement plans for its trustees who are not officers of Van Kampen. Under the deferred compensation plan, trustees may elect to defer all or a portion of their compensation to a later date. Benefits under the retirement plan are payable upon retirement for a ten-year period and are based upon each trustee's years of service to the Trust. The maximum annual benefit per trustee under the plan is $2,500. 3. CAPITAL TRANSACTIONS For the years ended October 31, 2007 and 2006, transactions in common shares were as follows:
YEAR ENDED YEAR ENDED OCTOBER 31, 2007 OCTOBER 31, 2006 Beginning shares........................................ 39,379,538 39,379,538 Shares Reinvested....................................... 7,320 -0- Shares Repurchased*..................................... (323,491) -0- ---------- ---------- Ending Shares........................................... 39,063,367 39,379,538 ========== ==========
* On February 28, 2007, the Trust commenced a share repurchase program for purposes of enhancing stockholder value and reducing the discount at which the Trust's shares trade from their net asset value. For the period ended October 31, 2007, the Trust repurchased 323,491 of its shares at an average discount of 6.315% from net asset value per share. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes such activity will further the accomplishment of the foregoing objectives, subject to review of the Trustees. 43 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued 4. INVESTMENT TRANSACTIONS During the period, the cost of purchases and proceeds from sales of investments, excluding short-term investments, were $398,896,550 and $285,320,294, respectively. 5. DERIVATIVE FINANCIAL INSTRUMENTS A derivative financial instrument in very general terms refers to a security whose value is "derived" from the value of an underlying asset, reference rate or index. In order to seek to manage the interest rate exposure of the Trust's portfolio in a changing interest rate environment, the Trust may purchase or sell financial futures contracts or engage in transactions involving interest rate swaps, caps, floors or collars. The Trust expects to enter into these transactions primarily as a hedge against anticipated interest rate or fixed-income market changes, for duration management or for risk management purposes, but may also enter into these transactions to generate additional income. All of the Trust's portfolio holdings, including derivative instruments, are marked to market each day with the change in value reflected in the unrealized appreciation/depreciation. Upon disposition, a realized gain or loss is recognized accordingly, except when taking delivery of a security underlying a futures contract. In these instances, the recognition of gain or loss is postponed until the disposal of the security underlying the futures contract. Summarized below are the specific types of derivative financial instruments used by the Trust. A. FUTURES CONTRACTS A futures contract is an agreement involving the delivery of a particular asset on a specified future date at an agreed upon price. The Trust generally invests in exchange traded futures contracts on U.S. Treasury securities and typically closes the contract prior to the delivery date. These contracts are generally used to manage the Trust's effective maturity and duration. Upon entering into futures contracts, the Trust maintains an amount of cash or liquid securities with a value equal to a percentage of the contract amount with either a futures commission merchant pursuant to the rules and regulations promulgated under the 1940 Act, as amended, or with its custodian in an account in the broker's name. This amount is known as initial margin. During the period the futures contract is open, payments are received from or made to the broker based upon changes in the value of the contract (the variation margin). The risk of loss associated with a futures contract is in excess of the variation margin reflected on the Statement of Assets and Liabilities. Transactions in futures contracts for the year ended October 31, 2007 were as follows:
CONTRACTS Outstanding at October 31, 2006............................. 727 Futures Opened.............................................. 5,874 Futures Closed.............................................. (5,769) ------ Outstanding at October 31, 2007............................. 832 ======
B. INTEREST RATE SWAPS The Trust may enter into forward interest rate swap transactions intended to help the Trust manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Trust's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve the Trust's agreement with 44 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Trust a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Trust's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. The Trust may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. The Trust intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Trust upon termination. To reduce such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of the Trust with a value approximately equal to the amount of any unrealized gain. Reciprocally, when the Trust has an unrealized loss on a swap contract, the Trust has instructed the custodian to pledge cash or liquid securities as collateral with a value approximately equal to the amount of the unrealized loss. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate. Restricted cash for segregating purposes, if any, is shown on the Statement of Assets and Liabilities. C. INVERSE FLOATING RATE INVESTMENTS The Trust may invest a portion of its assets in inverse floating rate instruments, either through outright purchases of inverse floating rate securities or through the transfer of bonds to a dealer trust in exchange for cash and residual interests in the dealer trust. These investments are typically used by the Trust in seeking to enhance the yield of the portfolio. These instruments typically involve greater risks than a fixed rate municipal bond. In particular, these instruments are acquired through leverage or may have leverage embedded in them and therefore involve many of the risks associated with leverage. Leverage is a speculative technique that may expose the Trust to greater risk and increased costs. Leverage may cause the Trust's net asset value to be more volatile than if it had not been leveraged because leverage tends to magnify the effect of any increases or decreases in the value of the Trust's portfolio securities. The use of leverage may also cause the Trust to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy its obligations with respect to inverse floating rate instruments. 6. PREFERRED SHARES The Trust has outstanding 13,000 APS. Series A, Series B, Series C and Series D each contain 3,000 shares and Series E contains 1,000 shares. Dividends are cumulative and the dividend rates are generally reset every 7 days for Series A and Series C, while Series B, Series D and Series E are generally reset every 28 days through an auction process. The average rate in effect on October 31, 2007 was 3.690%. During the year ended October 31, 2007, the rates ranged from 3.240% to 4.400%. The Trust pays annual fees equivalent to .25% of the preferred share liquidation value for the remarketing efforts associated with the preferred auctions. These fees are included as a component of "Preferred Share Maintenance" expense on the Statement of Operations. 45 VAN KAMPEN MUNICIPAL TRUST NOTES TO FINANCIAL STATEMENTS -- OCTOBER 31, 2007 continued The APS are redeemable at the option of the Trust in whole or in part at the liquidation value of $25,000 per share plus accumulated and unpaid dividends. The Trust is subject to certain asset coverage tests and the APS are subject to mandatory redemption if the tests are not met. 7. INDEMNIFICATIONS The Trust enters into contracts that contain a variety of indemnifications. The Trust's maximum exposure under these arrangements is unknown. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. 8. ACCOUNTING PRONOUNCEMENTS In July 2006, the Financial Accounting Standards Board (FASB) issued Interpretation 48, Accounting for Uncertainty in Income Taxes--an interpretation of FASB Statement 109 (FIN 48). FIN 48 clarifies the accounting for income taxes by prescribing the minimum recognition threshold a tax position must meet before being recognized in the financial statements. FIN 48 is effective for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in the trust NAV calculations as late as the trust's last NAV calculation in the first required financial statement period. As a result, the Trust will incorporate FIN 48 in its semi annual report on April 30, 2008. The impact to the Trust's financial statements, if any, is currently being assessed. In addition, in September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Trust's financial statement disclosures. 46 VAN KAMPEN MUNICIPAL TRUST REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Trustees and Shareholders of Van Kampen Municipal Trust We have audited the accompanying statement of assets and liabilities of Van Kampen Municipal Trust (the "Trust"), including the portfolio of investments, as of October 31, 2007, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Van Kampen Municipal Trust as of October 31, 2007, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Chicago, Illinois December 24, 2007 47 VAN KAMPEN MUNICIPAL TRUST DIVIDEND REINVESTMENT PLAN The dividend reinvestment plan (the "Plan") offers you a prompt and simple way to reinvest your dividends and capital gains distributions into additional shares of the Trust. Under the Plan, the money you earn from dividends and capital gains distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. PLAN BENEFITS - - ADD TO YOUR ACCOUNT You may increase your shares in the Trust easily and automatically with the Plan. - - LOW TRANSACTION COSTS Shareholders who participate in the Plan are able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value. In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the brokerage commission is shared among all participants. - - CONVENIENCE You will receive a detailed account statement from Computershare Trust Company, N.A., which administers the Plan, whenever shares are reinvested for you. The statement shows your total distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account via the Internet. To do this, please go to vankampen.com. - - SAFEKEEPING Computershare Trust Company, N.A. will hold the shares it has acquired for you in safekeeping. HOW TO PARTICIPATE IN THE PLAN If you own shares in your own name, you can participate directly in the Plan. If your shares are held in "street name"--in the name of your brokerage firm, bank, or other financial institution--you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan. If you choose to participate in the Plan, your dividends and capital gains distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its net asset value (NAV), you'll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways: 1. PREMIUM If the Trust is trading at a premium--a market price that is higher than its NAV--you'll pay either the NAV or 95 percent of the 48 VAN KAMPEN MUNICIPAL TRUST DIVIDEND REINVESTMENT PLAN continued market price, whichever is greater. When the Trust trades at a premium, you'll pay less for your reinvested shares than an ordinary investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. 2. DISCOUNT If the Trust is trading at a discount--a market price that is lower than its NAV--you'll pay the market price for your reinvested shares. HOW TO ENROLL To enroll in the Plan, please read the Terms and Conditions in the Plan brochure. You can obtain a copy of the Plan Brochure and enroll in the Plan by visiting vankampen.com, calling toll-free (800) 341-2929 or notifying us in writing at Van Kampen Closed End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next dividend or capital gains distribution payable after Computershare Trust Company, N.A. receives your authorization, as long as they receive it before the "record date," which is generally ten business days before the dividend is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following dividend or distribution. COSTS OF THE PLAN There is no direct charge to you for reinvesting dividends and capital gains distributions because the Plan's fees are paid by the Trust. However, when applicable, you will pay your portion of any brokerage commissions incurred when the new shares are purchased on the open market. These brokerage commissions are typically less than the standard brokerage charges for individual transactions, because shares are purchased for all participants in blocks, resulting in lower commissions for each individual participant. Any brokerage commissions or service fees are averaged into the purchase price. TAX IMPLICATIONS The automatic reinvestment of dividends and capital gains distributions does not relieve you of any income tax that may be due on dividends or distributions. You will receive tax information annually to help you prepare your federal and state income tax returns. Van Kampen does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax advisor for information concerning their individual situation. 49 VAN KAMPEN MUNICIPAL TRUST DIVIDEND REINVESTMENT PLAN continued HOW TO WITHDRAW FROM THE PLAN To withdraw from the Plan please visit vankampen.com or call (800) 341-2929 or notify us in writing at the address below. Van Kampen Closed-End Funds Computershare Trust Company, N.A. P.O. Box 43078 Providence, RI 02940-3078 All shareholders listed on the account must sign any written withdrawal instructions. If you withdraw, you have three options with regard to the shares held in your account: 1. If you opt to continue to hold your non-certificated shares, they will be held by Computershare Trust Company N.A. 2. If you opt to sell your shares through Van Kampen, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting brokerage commissions and a $2.50 service fee. 3. You may sell your shares through your financial advisor through the Direct Registration Systems ("DRS"). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a stock certificate. The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan. Participants will receive written notice at least 30 days before the effective date of any amendment. In the case of termination, Participants will receive written notice at least 30 days before the record date for the payment of any dividend or capital gains distribution by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required. TO OBTAIN A COMPLETE COPY OF THE DIVIDEND REINVESTMENT PLAN, PLEASE CALL OUR CLIENT RELATIONS DEPARTMENT AT 800-341-2929 OR VISIT VANKAMPEN.COM. 50 VAN KAMPEN MUNICIPAL TRUST BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES BOARD OF TRUSTEES DAVID C. ARCH JERRY D. CHOATE ROD DAMMEYER LINDA HUTTON HEAGY R. CRAIG KENNEDY HOWARD J KERR JACK E. NELSON HUGO F. SONNENSCHEIN WAYNE W. WHALEN* - Chairman SUZANNE H. WOOLSEY OFFICERS RONALD E. ROBISON President and Principal Executive Officer DENNIS SHEA Vice President J. DAVID GERMANY Vice President AMY R. DOBERMAN Vice President STEFANIE V. CHANG Vice President and Secretary JOHN L. SULLIVAN Chief Compliance Officer STUART N. SCHULDT Chief Financial Officer and Treasurer INVESTMENT ADVISER VAN KAMPEN ASSET MANAGEMENT 522 Fifth Avenue New York, New York 10036 CUSTODIAN STATE STREET BANK AND TRUST COMPANY One Lincoln Street Boston, Massachusetts 02111 TRANSFER AGENT COMPUTERSHARE TRUST COMPANY, N.A. C/O COMPUTERSHARE INVESTOR SERVICES P.O. Box 43078 Providence, Rhode Island 02940-3078 LEGAL COUNSEL SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 333 West Wacker Drive Chicago, Illinois 60606 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM DELOITTE & TOUCHE LLP 111 South Wacker Drive Chicago, Illinois 60606-4301 For federal income tax purposes, the following information is furnished with respect to the distributions paid by the Trust during its taxable year ended October 31, 2007. The Trust designated 100.0% of the income distributions as a tax-exempt income distribution. In January, the Trust provides tax information to shareholders for the preceding calendar year. * "Interested persons" of the Trust, as defined in the Investment Company Act of 1940, as amended. 51 VAN KAMPEN MUNICIPAL TRUST RESULTS OF SHAREHOLDER VOTES The Annual Meeting of Shareholders of the Trust was held on June 22, 2007, where shareholders voted on the election of trustees. With regard to the election of the following trustees by the common shareholders of the Trust:
# OF SHARES ---------------------- IN FAVOR WITHHELD - ------------------------------------------------------------------------------------ R. Craig Kennedy............................................ 34,160,362 563,254 Jack E. Nelson.............................................. 34,106,941 616,675
With regard to the election of the following trustee by preferred shareholders of the Trust:
# OF SHARES -------------------- IN FAVOR WITHHELD - ---------------------------------------------------------------------------------- Hugo F. Sonnenschein........................................ 10,033 28
The other trustees of the Trust whose terms did not expire in 2007 are David C. Arch, Jerry D. Choate, Rod Dammeyer, Linda Hutton Heagy, Howard J Kerr, Wayne W. Whalen and Suzanne H. Woolsey. 52 VAN KAMPEN MUNICIPAL TRUST TRUSTEES AND OFFICERS The business and affairs of the Trust are managed under the direction of the Trust's Board of Trustees and the Trust's officers appointed by the Board of Trustees. The tables below list the trustees and executive officers of the Trust and their principal occupations during the last five years, other directorships held by trustees and their affiliations, if any, with Van Kampen Investments, the Adviser, the Distributor, Van Kampen Advisors Inc., Van Kampen Exchange Corp. and Investor Services. The term "Fund Complex" includes each of the investment companies advised by the Adviser as of the date of this Annual Report. Trustees of the Trust generally serve three year terms or until their successors are duly elected and qualified. Officers are annually elected by the trustees. INDEPENDENT TRUSTEES:
NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INDEPENDENT TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE David C. Arch (62) Trustee Trustee Chairman and Chief 73 Trustee/Director/Managing Blistex Inc. since 1991 Executive Officer of General Partner of funds 1800 Swift Drive Blistex Inc., a consumer in the Fund Complex. Oak Brook, IL 60523 health care products Director of the Heartland manufacturer. Alliance, a nonprofit organization serving human needs based in Chicago. Board member of the Illinois Manufacturers' Association. Jerry D. Choate (69) Trustee Trustee Prior to January 1999, 73 Trustee/Director/Managing 33971 Selva Road since 2003 Chairman and Chief General Partner of funds Suite 130 Executive Officer of the in the Fund Complex. Dana Point, CA 92629 Allstate Corporation Director of H&R Block, ("Allstate") and Allstate Amgen Inc., a Insurance Company. Prior biotechnological company, to January 1995, and Valero Energy President and Chief Corporation, an Executive Officer of independent refining Allstate. Prior to August company. 1994, various management positions at Allstate.
53
VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INDEPENDENT TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE Rod Dammeyer (67) Trustee Trustee President of CAC, L.L.C., 73 Trustee/Director/Managing CAC, L.L.C. since 1991 a private company General Partner of funds 4350 LaJolla Village Drive offering capital in the Fund Complex. Suite 980 investment and management Director of Quidel San Diego, CA 92122-6223 advisory services. Corporation, Stericycle, Inc., Ventana Medical Systems, Inc. and Trustee of The Scripps Research Institute. Prior to April 2007, Director of GATX Corporation. Prior to April 2004, Director of TheraSense, Inc. Prior to January 2004, Director of TeleTech Holdings Inc. and Arris Group, Inc. Linda Hutton Heagy+ (59) Trustee Trustee Managing Partner of 73 Trustee/Director/Managing Heidrick & Struggles since 2003 Heidrick & Struggles, an General Partner of funds 233 South Wacker Drive international executive in the Fund Complex. Suite 7000 search firm. Prior to Trustee on the University Chicago, IL 60606 1997, Partner of Ray & of Chicago Hospitals Berndtson, Inc., an Board, Vice Chair of the executive recruiting Board of the YMCA of firm. Prior to 1995, Metropolitan Chicago and Executive Vice President a member of the Women's of ABN AMRO, N.A., a bank Board of the University holding company. Prior to of Chicago. 1990, Executive Vice President of The Exchange National Bank.
54
VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INDEPENDENT TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE R. Craig Kennedy (55) Trustee Trustee Director and President of 73 Trustee/Director/Managing 1744 R Street, NW since 2003 the German Marshall Fund General Partner of funds Washington, DC 20009 of the United States, an in the Fund Complex. independent U.S. Director of First Solar, foundation created to Inc. deepen understanding, promote collaboration and stimulate exchanges of practical experience between Americans and Europeans. Formerly, advisor to the Dennis Trading Group Inc., a managed futures and option company that invests money for individuals and institutions. Prior to 1992, President and Chief Executive Officer, Director and member of the Investment Committee of the Joyce Foundation, a private foundation. Howard J Kerr (72) Trustee Trustee Prior to 1998, President 73 Trustee/Director/Managing 14 Huron Trace since 1992 and Chief Executive General Partner of funds Galena, IL 61036 Officer of Pocklington in the Fund Complex. Corporation, Inc., an Director of the Lake investment holding Forest Bank & Trust. company. Director of the Marrow Foundation. Jack E. Nelson (71) Trustee Trustee President of Nelson 73 Trustee/Director/Managing 423 Country Club Drive since 2003 Investment Planning General Partner of funds Winter Park, FL 32789 Services, Inc., a in the Fund Complex. financial planning company and registered investment adviser in the State of Florida. President of Nelson Ivest Brokerage Services Inc., a member of FINRA, Securities Investors Protection Corp. and the Municipal Securities Rulemaking Board. President of Nelson Sales and Services Corporation, a marketing and services company to support affiliated companies.
55
VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INDEPENDENT TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE Hugo F. Sonnenschein (67) Trustee Trustee President Emeritus and 73 Trustee/Director/Managing 1126 E. 59th Street since 1994 Honorary Trustee of the General Partner of funds Chicago, IL 60637 University of Chicago and in the Fund Complex. the Adam Smith Trustee of the University Distinguished Service of Rochester and a member Professor in the of its investment Department of Economics committee. Member of the at the University of National Academy of Chicago. Prior to July Sciences, the American 2000, President of the Philosophical Society and University of Chicago. a fellow of the American Academy of Arts and Sciences.
56
VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INDEPENDENT TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE Suzanne H. Woolsey, Ph.D. Trustee Trustee Chief Communications 73 Trustee/Director/Managing (66) since 2003 Officer of the National General Partner of funds 815 Cumberstone Road Academy of in the Fund Complex. Harwood, MD 20776 Sciences/National Director of Fluor Corp., Research Council, an an engineering, independent, federally procurement and chartered policy construction institution, from 2001 to organization, since November 2003 and Chief January 2004. Director of Operating Officer from Intelligent Medical 1993 to 2001. Prior to Devices, Inc., a symptom 1993, Executive Director based diagnostic tool for of the Commission on physicians and clinical Behavioral and Social labs. Director of the Sciences and Education at Institute for Defense the National Academy of Analyses, a federally Sciences/National funded research and Research Council. From development center, 1980 through 1989, Director of the German Partner of Coopers & Marshall Fund of the Lybrand. United States, Director of the Rocky Mountain Institute and Trustee of California Institute of Technology and the Colorado College.
57 VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued INTERESTED TRUSTEE:*
NUMBER OF TERM OF FUNDS IN OFFICE AND FUND POSITION(S) LENGTH OF COMPLEX NAME, AGE AND ADDRESS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN OTHER DIRECTORSHIPS OF INTERESTED TRUSTEE TRUST SERVED DURING PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE Wayne W. Whalen* (68) Trustee Trustee Partner in the law firm 73 Trustee/Director/Managing 333 West Wacker Drive since 1991 of Skadden, Arps, Slate, General Partner of funds Chicago, IL 60606 Meagher & Flom LLP, legal in the Fund Complex. counsel to funds in the Director of the Abraham Fund Complex. Lincoln Presidential Library Foundation.
+ As indicated above, Ms. Heagy is an employee of Heidrick and Struggles, an international executive search firm ("Heidrick"). Heidrick has been (and may continue to be) engaged by Morgan Stanley from time to time to perform executive searches. Such searches have been unrelated to Van Kampen's or Morgan Stanley's asset management businesses and have been done by professionals at Heidrick without any involvement by Ms. Heagy. Ethical wall procedures exist to ensure that Ms. Heagy will not have any involvement with any searches performed by Heidrick for Morgan Stanley. Ms. Heagy does not receive any compensation, directly or indirectly, for searches performed by Heidrick for Morgan Stanley. Ms. Heagy does own common shares of Heidrick (representing less than 1% of Heidrick's outstanding common shares). * Mr. Whalen is an "interested person" (within the meaning of Section 2(a)(19) of the 1940 Act) of certain funds in the Fund Complex by reason of he and his firm currently providing legal services as legal counsel to such funds in the Fund Complex. 58 VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued OFFICERS:
TERM OF OFFICE AND POSITION(S) LENGTH OF NAME, AGE AND HELD WITH TIME PRINCIPAL OCCUPATION(S) ADDRESS OF OFFICER TRUST SERVED DURING PAST 5 YEARS Ronald E. Robison (68) President and Officer President of funds in the Fund Complex since September 2005 522 Fifth Avenue Principal Executive since 2003 and Principal Executive Officer of funds in the Fund Complex New York, NY 10036 Officer since May 2003. Managing Director of Van Kampen Advisors Inc. since June 2003. Director of Investor Services since September 2002. Director of the Adviser, Van Kampen Investments and Van Kampen Exchange Corp. since January 2005. Managing Director of Morgan Stanley and Morgan Stanley & Co. Incorporated. Managing Director and Director of Morgan Stanley Investment Management Inc. Chief Administrative Officer, Managing Director and Director of Morgan Stanley Investment Advisors Inc. and Morgan Stanley Services Company Inc. Managing Director and Director of Morgan Stanley Distributors Inc. and Morgan Stanley Distribution Inc. Chief Executive Officer and Director of Morgan Stanley Trust. Executive Vice President and Principal Executive Officer of the Institutional and Retail Morgan Stanley Funds. Director of Morgan Stanley SICAV. Previously, Chief Global Operations Officer of Morgan Stanley Investment Management Inc. and Executive Vice President of funds in the Fund Complex from May 2003 to September 2005. Dennis Shea (54) Vice President Officer Managing Director of Morgan Stanley Investment Advisors 522 Fifth Avenue since 2006 Inc., Morgan Stanley Investment Management Inc., the Adviser New York, NY 10036 and Van Kampen Advisors Inc. Chief Investment Officer-Global Equity of the same entities since February 2006. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006. Previously, Managing Director and Director of Global Equity Research at Morgan Stanley from April 2000 to February 2006. J. David Germany (53) Vice President Officer Managing Director of Morgan Stanley Investment Advisors 20 Bank Street, since 2006 Inc., Morgan Stanley Investment Management Inc., the Adviser Canary Wharf and Van Kampen Advisors Inc. Chief Investment London, GBR E14 4AD Officer--Global Fixed Income of the same entities since December 2005. Managing Director and Director of Morgan Stanley Investment Management Ltd. Director of Morgan Stanley Investment Management (ACD) Limited since December 2003. Vice President of Morgan Stanley Institutional and Retail Funds since February 2006. Vice President of funds in the Fund Complex since March 2006.
59
VAN KAMPEN MUNICIPAL TRUST TRUSTEE AND OFFICER continued TERM OF OFFICE AND POSITION(S) LENGTH OF NAME, AGE AND HELD WITH TIME PRINCIPAL OCCUPATION(S) ADDRESS OF OFFICER TRUST SERVED DURING PAST 5 YEARS Amy R. Doberman (45) Vice President Officer Managing Director and General Counsel--U.S. Investment 522 Fifth Avenue since 2004 Management; Managing Director of Morgan Stanley Investment New York, NY 10036 Management Inc., Morgan Stanley Investment Advisors Inc. and the Adviser. Vice President of the Morgan Stanley Institutional and Retail Funds since July 2004 and Vice President of funds in the Fund Complex since August 2004. Previously, Managing Director and General Counsel of Americas, UBS Global Asset Management from July 2000 to July 2004 and General Counsel of Aeltus Investment Management, Inc. from January 1997 to July 2000. Stefanie V. Chang (41) Vice President Officer Executive Director of Morgan Stanley Investment Management 522 Fifth Avenue and Secretary since 2003 Inc. Vice President and Secretary of funds in the Fund New York, NY 10036 Complex. John L. Sullivan (52) Chief Compliance Officer Chief Compliance Officer of funds in the Fund Complex since 1 Parkview Plaza - Suite 100 Officer since 1998 August 2004. Prior to August 2004, Director and Managing Oakbrook Terrace, IL 60181 Director of Van Kampen Investments, the Adviser, Van Kampen Advisors Inc. and certain other subsidiaries of Van Kampen Investments, Vice President, Chief Financial Officer and Treasurer of funds in the Fund Complex and head of Fund Accounting for Morgan Stanley Investment Management Inc. Prior to December 2002, Executive Director of Van Kampen Investments, the Adviser and Van Kampen Advisors Inc. Stuart N. Schuldt (45) Chief Financial Officer Officer Executive Director of Morgan Stanley Investment Management 1 Parkview Plaza - Suite 100 and Treasurer since 2007 Inc. since June 2007. Chief Financial Officer and Treasurer Oakbrook Terrace, IL 60181 of funds in the Fund Complex since June 2007. Prior to June 2007, Senior Vice President of Northern Trust Company, Treasurer and Principal Financial Officer for Northern Trust U.S. mutual fund complex.
In accordance with Section 303A.12(a) of the New York Stock Exchange Listed Company Manual, the Trust's Chief Executive Officer has certified to the New York Stock Exchange that, as of June 27, 2007, he was not aware of any violation by the Trust of NYSE corporate governance listing standards. The certifications by the Trust's principal executive officer and principal financial officer required by Rule 30a-2 under the 1940 Act were filed with the Trust's report to the SEC on Form N-CSR and are available on the Securities and Exchange Commission's web site at http://www.sec.gov. 60 Van Kampen Municipal Trust An Important Notice Concerning Our U.S. Privacy Policy We are required by federal law to provide you with a copy of our Privacy Policy annually. The following Policy applies to current and former individual clients of Van Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van Kampen Exchange Corp., as well as current and former individual investors in Van Kampen mutual funds, unit investment trusts, and related companies. This Policy is not applicable to partnerships, corporations, trusts or other non-individual clients or account holders, nor is this Policy applicable to individuals who are either beneficiaries of a trust for which we serve as trustee or participants in an employee benefit plan administered or advised by us. This Policy is, however, applicable to individuals who select us to be a custodian of securities or assets in individual retirement accounts, 401(k) accounts, 529 Educational Savings Accounts, accounts subject to the Uniform Gifts to Minors Act, or similar accounts. Please note that we may amend this Policy at any time, and will inform you of any changes to this Policy as required by law. WE RESPECT YOUR PRIVACY We appreciate that you have provided us with your personal financial information. We strive to maintain the privacy of such information while we help you achieve your financial objectives. This Policy describes what non-public personal information we collect about you, why we collect it, and when we may share it with others. We hope this Policy will help you understand how we collect and share non-public personal information that we gather about you. Throughout this Policy, we refer to the non-public information that personally identifies you or your accounts as "personal information." 1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU? To serve you better and manage our business, it is important that we collect and maintain accurate information about you. We may obtain this information from applications and other forms you submit to us, from your dealings with us, from consumer reporting agencies, from our Web sites and from third parties and other sources. (continued on next page) Van Kampen Municipal Trust An Important Notice Concerning Our U.S. Privacy Policy continued For example: -- We may collect information such as your name, address, e-mail address, telephone/fax numbers, assets, income and investment objectives through applications and other forms you submit to us. -- We may obtain information about account balances, your use of account(s) and the types of products and services you prefer to receive from us through your dealings and transactions with us and other sources. -- We may obtain information about your creditworthiness and credit history from consumer reporting agencies. -- We may collect background information from and through third-party vendors to verify representations you have made and to comply with various regulatory requirements. -- If you interact with us through our public and private Web sites, we may collect information that you provide directly through online communications (such as an e-mail address). We may also collect information about your Internet service provider, your domain name, your computer's operating system and Web browser, your use of our Web sites and your product and service preferences, through the use of "cookies." "Cookies" recognize your computer each time you return to one of our sites, and help to improve our sites' content and personalize your experience on our sites by, for example, suggesting offerings that may interest you. Please consult the Terms of Use of these sites for more details on our use of cookies. 2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU? To provide you with the products and services you request, to serve you better and to manage our business, we may disclose personal information we collect about you to our affiliated companies and to non-affiliated third parties as required or permitted by law. A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose personal information that we collect about you to our affiliated companies except to enable them to provide services on our behalf or as otherwise required or permitted by law. B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal information that we collect about you to non-affiliated third parties except to enable them to provide services on our behalf, to perform joint marketing agreements with (continued on back) Van Kampen Municipal Trust An Important Notice Concerning Our U.S. Privacy Policy continued other financial institutions, or as otherwise required or permitted by law. For example, some instances where we may disclose information about you to non-affiliated third parties include: for servicing and processing transactions, to offer our own products and services, to protect against fraud, for institutional risk control, to respond to judicial process or to perform services on our behalf. When we share personal information with these companies, they are required to limit their use of personal information to the particular purpose for which it was shared and they are not allowed to share personal information with others except to fulfill that limited purpose. 3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL INFORMATION WE COLLECT ABOUT YOU? We maintain physical, electronic and procedural security measures to help safeguard the personal information we collect about you. We have internal policies governing the proper handling of client information. Third parties that provide support or marketing services on our behalf may also receive personal information, and we require them to adhere to confidentiality standards with respect to such information. Van Kampen Funds Inc. 1 Parkview Plaza - Suite 100 P.O. Box 5555 Oakbrook Terrace, IL 60181-5555 www.vankampen.com Copyright (C)2007 Van Kampen Funds Inc. All rights reserved. Member FINRA/SIPC. VKQANN 12/07 (VAN KAMPEN INVESTMENTS LOGO) IU07-05118P-Y10/07 Item 2. Code of Ethics. (a) The Trust has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party. (b) No information need be disclosed pursuant to this paragraph. (c) Due to personnel changes at the Adviser, the list of covered officers set forth in Exhibit B was amended in November 2006 and June 2007 and the general counsel's designee set forth in Exhibit C was amended in October and December 2006. All three editions of Exhibit B and all three editions of Exhibit C are attached. (d) Not applicable. (e) Not applicable. (f) (1) The Trust's Code of Ethics is attached hereto as Exhibit 12(1). (2) Not applicable. (3) Not applicable. Item 3. Audit Committee Financial Expert. The Trust's Board of Trustees has determined that it has three "audit committee financial experts" serving on its audit committee, each of whom are "independent" Trustees : Rod Dammeyer, Jerry Choate and R. Craig Kennedy. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification. Item 4. Principal Accountant Fees and Services. (a)(b)(c)(d) and (g). Based on fees billed for the periods shown: 2007
COVERED REGISTRANT ENTITIES(1) ---------- ----------- AUDIT FEES ............. $34,475 N/A NON-AUDIT FEES AUDIT-RELATED FEES .. $ 400 $244,200(2) TAX FEES ............ $ 1,600(3) $ 0 ALL OTHER FEES ...... $ 0 $ 0 TOTAL NON-AUDIT FEES ... $ 2,000 $244,200 TOTAL .................. $36,475 $244,200
2006
COVERED REGISTRANT ENTITIES(1) ---------- ----------- AUDIT FEES ............. $33,300 N/A NON-AUDIT FEES AUDIT-RELATED FEES .. $ 400 $244,200(2) TAX FEES ............ $ 1,600(3) $ 0 ALL OTHER FEES ...... $ 0 $ 0 TOTAL NON-AUDIT FEES ... $ 2,000 $244,200 TOTAL .................. $35,300 $244,200
N/A- Not applicable, as not required by Item 4. (1) Covered Entities include the Adviser (excluding sub-advisors) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant. (2) Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Covered Entities' and funds advised by the Adviser or its affiliates, specifically attestation services provided in connection with a SAS 70 Report. (3) Tax Fees represent tax advice and compliance services provided in connection with the review of the Registrant's tax. (e)(1) The audit committee's pre-approval policies and procedures are as follows: JOINT AUDIT COMMITTEE AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY AND PROCEDURES OF THE VAN KAMPEN FUNDS AS ADOPTED JULY 23, 2003 AND AMENDED MAY 26, 2004(1) 1. STATEMENT OF PRINCIPLES The Audit Committee of the Board is required to review and, in its sole discretion, pre-approve all Covered Services to be provided by the Independent Auditors to the Fund and Covered Entities in order to assure that services performed by the Independent Auditors do not impair the auditor's independence from the Fund.(2) The SEC has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the audit committee's administration of the engagement of the independent auditor. The SEC's rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee ("general pre-approval"); or require the specific pre-approval of the Audit Committee ("specific pre-approval"). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the Independent Auditors. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee (or by any member of the Audit Committee to which pre-approval authority has been delegated) if it is to be provided by the Independent Auditors. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee. For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC's rules on auditor independence. The Audit Committee will also consider whether the Independent Auditors are best positioned to provide the most effective and efficient services, for reasons such as its familiarity with the Fund's business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Fund's ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative. The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine for each fiscal year, the appropriate ratio between the total amount of fees for Audit, Audit-related and Tax services for the Fund (including any Audit-related or Tax service fees for Covered Entities that were subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval). The appendices to this Policy describe the Audit, Audit-related, Tax and All Other services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee considers and provides a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the Independent Auditors without obtaining specific pre-approval - ---------- (1) This Joint Audit Committee Audit and Non-Audit Services Pre-Approval Policy and Procedures (the "Policy"), amended as of the date above, supercedes and replaces all prior versions that may have been amended from time to time. (2) Terms used in this Policy and not otherwise defined herein shall have the meanings as defined in the Joint Audit Committee Charter. from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations. The purpose of this Policy is to set forth the policy and procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee's responsibilities to pre-approve services performed by the Independent Auditors to management. The Fund's Independent Auditors have reviewed this Policy and believes that implementation of the Policy will not adversely affect the Independent Auditors' independence. 2. DELEGATION As provided in the Act and the SEC's rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members. The member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting. 3. AUDIT SERVICES The annual Audit services engagement terms and fees are subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the Independent Auditors to be able to form an opinion on the Fund's financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit. The Audit Committee will monitor the Audit services engagement as necessary, but no less than on a quarterly basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items. In addition to the annual Audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other Audit services, which are those services that only the Independent Auditors reasonably can provide. Other Audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings. The Audit Committee has pre-approved the Audit services in Appendix B.1. All other Audit services not listed in Appendix B.1 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated). 4. AUDIT-RELATED SERVICES Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund's financial statements or, to the extent they are Covered Services, the Covered Entities' financial statements, or that are traditionally performed by the Independent Auditors. Because the Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor and is consistent with the SEC's rules on auditor independence, the Audit Committee may grant general pre-approval to Audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as "Audit services"; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements under Forms N-SAR and/or N-CSR. The Audit Committee has pre-approved the Audit-related services in Appendix B.2. All other Audit-related services not listed in Appendix B.2 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated). 5. TAX SERVICES The Audit Committee believes that the Independent Auditors can provide Tax services to the Fund and, to the extent they are Covered Services, the Covered Entities, such as tax compliance, tax planning and tax advice without impairing the auditor's independence, and the SEC has stated that the Independent Auditors may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those Tax services that have historically been provided by the Independent Auditors, that the Audit Committee has reviewed and believes would not impair the independence of the Independent Auditors, and that are consistent with the SEC's rules on auditor independence. The Audit Committee will not permit the retention of the Independent Auditors in connection with a transaction initially recommended by the Independent Auditors, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with Director of Tax or outside counsel to determine that the tax planning and reporting positions are consistent with this policy. Pursuant to the preceding paragraph, the Audit Committee has pre-approved the Tax Services in Appendix B.3. All Tax services involving large and complex transactions not listed in Appendix B.3 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated), including tax services proposed to be provided by the Independent Auditors to any executive officer or trustee/director/managing general partner of the Fund, in his or her individual capacity, where such services are paid for by the Fund (generally applicable only to internally managed investment companies). 6. ALL OTHER SERVICES The Audit Committee believes, based on the SEC's rules prohibiting the Independent Auditors from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-approval to those permissible non-audit services classified as All Other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC's rules on auditor independence. The Audit Committee has pre-approved the All Other services in Appendix B.4. Permissible All Other services not listed in Appendix B.4 must be specifically pre-approved by the Audit Committee (or by any member of the Audit Committee to which pre-approval has been delegated). A list of the SEC's prohibited non-audit services is attached to this policy as Appendix B.5. The SEC's rules and relevant guidance should be consulted to determine the precise definitions of these services and the applicability of exceptions to certain of the prohibitions. 7. PRE-APPROVAL FEE LEVELS OR BUDGETED AMOUNTS Pre-approval fee levels or budgeted amounts for all services to be provided by the Independent Auditors will be established annually by the Audit Committee. Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriate ratio between the total amount of fees for Audit, Audit-related, and Tax services for the Fund (including any Audit-related or Tax services fees for Covered Entities subject to pre-approval), and the total amount of fees for certain permissible non-audit services classified as All Other services for the Fund (including any such services for Covered Entities subject to pre-approval). 8. PROCEDURES All requests or applications for services to be provided by the Independent Auditors that do not require specific approval by the Audit Committee will be submitted to the Fund's Chief Financial Officer and must include a detailed description of the services to be rendered. The Fund's Chief Financial Officer will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the Independent Auditors. Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the Independent Auditors and the Fund's Chief Financial Officer, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC's rules on auditor independence. The Audit Committee has designated the Fund's Chief Financial Officer to monitor the performance of all services provided by the Independent Auditors and to determine whether such services are in compliance with this Policy. The Fund's Chief Financial Officer will report to the Audit Committee on a periodic basis on the results of its monitoring. A sample report is included as Appendix B.7. Both the Fund's Chief Financial Officer and management will immediately report to the chairman of the Audit Committee any breach of this Policy that comes to the attention of the Fund's Chief Financial Officer or any member of management. 9. ADDITIONAL REQUIREMENTS The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the Independent Auditors and to assure the auditor's independence from the Fund, such as reviewing a formal written statement from the Independent Auditors delineating all relationships between the Independent Auditors and the Fund, consistent with Independence Standards Board No. 1, and discussing with the Independent Auditors its methods and procedures for ensuring independence. 10. COVERED ENTITIES Covered Entities include the Fund's investment adviser(s) and any entity controlling, controlled by or under common control with the Fund's investment adviser(s) that provides ongoing services to the Fund(s). Beginning with non-audit service contracts entered into on or after May 6, 2003, the Fund's audit committee must pre-approve non-audit services provided not only to the Fund but also to the Covered Entities if the engagements relate directly to the operations and financial reporting of the Fund. This list of Covered Entities would include: - Van Kampen Investments Inc. - Van Kampen Asset Management - Van Kampen Advisors Inc. - Van Kampen Funds Inc. - Van Kampen Investor Services Inc. - Morgan Stanley Investment Management Inc. - Morgan Stanley Trust Company - Morgan Stanley Investment Management Ltd. - Morgan Stanley Investment Management Company - Morgan Stanley Asset & Investment Trust Management Company Ltd. (e)(2) Beginning with non-audit service contracts entered into on or after May 6, 2003, the audit committee also is required to pre-approve services to Covered Entities to the extent that the services are determined to have a direct impact on the operations or financial reporting of the Registrant. 100% of such services were pre-approved by the audit committee pursuant to the Audit Committee's pre-approval policies and procedures (included herein). (f) Not applicable. (g) See table above. (h) The audit committee of the Board of Trustees has considered whether the provision of services other than audit services performed by the auditors to the Registrant and Covered Entities is compatible with maintaining the auditors' independence in performing audit services. Item 5. Audit Committee of Listed Registrants. (a) The Trust has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act whose members are: R. Craig Kennedy, Jerry Choate and Rod Dammeyer. (b) Not applicable. Item 6. Schedule of Investments. Please refer to Item #1. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. The Trust invests in exclusively non-voting securities and therefore this item is not applicable to the Trust. Item 8. Portfolio Managers of Closed-End Management Investment Companies. VAN KAMPEN MUNICIPAL TRUST (VKQ) FUND MANAGEMENT PORTFOLIO MANAGEMENT. As of the date of this report, the Fund is managed by members of the Municipals team. The team consists of portfolio managers and analysts. Current members of the team jointly and primarily responsible for the day-to-day management of the Fund's portfolio and the overall execution of the strategy of the Fund are Thomas Byron, a Vice President of the Adviser, Mark Paris, an Executive Director of the Adviser and Robert W. Wimmel, an Executive Director of the Adviser. Mr. Byron has been associated with the Adviser in an investment management capacity since September 1981 and began managing the Fund in September 2000. Mr. Paris has been associated with the Adviser as a Municipal Trader since August 2002 and began managing the Fund in December 2007. Mr. Wimmel has been associated with the Adviser in an investment management capacity since August 1996 and began managing the Fund in November 2001. The composition of the team may change from time to time. OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGERS As of October 31, 2007: Mr. Byron managed 5 registered investment companies with a total of approximately $2.8 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts. Mr. Wimmel managed 15 registered investment companies with a total of approximately $8.4 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts. As of December 19, 2007: Mr. Paris managed 14 registered investment companies with a total of approximately $11.4 billion in assets; no pooled investment vehicles other than registered investment companies; and no other accounts. Because the portfolio managers manage assets for other investment companies, pooled investment vehicles, and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. The portfolio managers of the Fund do not currently manage accounts for other investment companies, pooled investment vehicles or other accounts that charge a performance-based fee. In addition, a conflict of interest could exist to the extent the Adviser has proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser's employee benefits and/or deferred compensation plans. The portfolio manager may have an incentive to favor these accounts over others. If the Adviser manages accounts that engage in short sales of securities of the type in which the Fund invests, the Adviser could be seen as harming the performance of the Fund for the benefit of the accounts engaged in short sales if the short sales cause the market value of the securities to fall. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest. PORTFOLIO MANAGER COMPENSATION STRUCTURE Portfolio managers receive a combination of base compensation and discretionary compensation, comprised of a cash bonus and several deferred compensation programs described below. The methodology used to determine portfolio manager compensation is applied across all accounts managed by the portfolio manager. BASE SALARY COMPENSATION. Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser. DISCRETIONARY COMPENSATION. In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation can include: - - Cash Bonus; - - Morgan Stanley's Long-Term Incentive Compensation Program awards -- a mandatory program that defers a portion of discretionary year-end compensation into restricted stock units or other awards or other investments based on Morgan Stanley common stock that are subject to vesting and other conditions; - - Investment Management Alignment Plan (IMAP) awards -- a mandatory program that defers a portion of discretionary year-end compensation and notionally invests it in designated funds advised by the Adviser or its affiliates. The award is subject to vesting and other conditions. Portfolio managers must notionally invest a minimum of 25% to a maximum of 100% of the IMAP deferral into a combination of the designated open-end funds they manage that are included in the IMAP Fund menu; - - Voluntary Deferred Compensation Plans -- voluntary programs that permit certain employees to elect to defer a portion of their discretionary year-end compensation and directly or notionally invest the deferred amount: (1) across a range of designated investment funds, including funds advised by the Adviser or its affiliates; and/or (2) in Morgan Stanley stock units. Several factors determine discretionary compensation, which can vary by portfolio management team and circumstances. In order of relative importance, these factors include: - - Investment performance. A portfolio manager's compensation is linked to the pre-tax investment performance of the funds/accounts managed by the portfolio manager. Investment performance is calculated for one-, three- and five-year periods measured against an appropriate securities market index (or indices) for the funds/accounts managed by the portfolio manager. The assets managed by the portfolio managers in funds, pooled investment vehicles and other accounts are described in "Other Accounts Managed by the Portfolio Managers" above. Generally, the greatest weight is placed on the three- and five-year periods. - - Revenues generated by the investment companies, pooled investment vehicles and other accounts managed by the portfolio manager. - - Contribution to the business objectives of the Adviser. - - The dollar amount of assets managed by the portfolio manager. - - Market compensation survey research by independent third parties. - - Other qualitative factors, such as contributions to client objectives. - - Performance of Morgan Stanley and Morgan Stanley Investment Management Inc., and the overall performance of the investment team(s) of which the portfolio is a member. SECURITIES OWNERSHIP OF PORTFOLIO MANAGERS As of October 31, 2007, the portfolio managers did not own any shares of the Fund. Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
TOTAL NUMBER OF MAXIMUM NUMBER SHARES PURCHASED AS OF SHARES THAT MAY PART OF PUBLICLY YET BE PURCHASED TOTAL NUMBER OF AVERAGE PRICE ANNOUNCED PLANS UNDER THE PLANS OR PERIOD* SHARES PURCHASED PAID PER SHARE OR PROGRAMS PROGRAMS - ------- ---------------- -------------- ------------------- ------------------ November -- -- -- -- December -- -- -- -- January -- -- -- -- February -- -- -- 3,937,954 March -- -- -- 3,937,954 April -- -- -- 3,937,954 MAY -- -- -- 3,937,954 June 8,100 14.98 8,100 3,929,854 July 49,200 14.76 49,200 3,880,654 August 28,500 14.16 28,500 3,852,154 September 133,400 14.47 133,400 3,718,754 October 104,291 14.25 104,291 3,614,463
* The Share Repurchase Program commenced on 2/28/2007. The Trust expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives, subject to review by the Board of Trustees. Item 10. Submission of Matters to a Vote of Security Holders. Not Applicable. Item 11. Controls and Procedures (a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-CSR was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. Exhibits. (1) The Code of Ethics for Principal Executive and Senior Financial Officers is attached hereto. (2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as part of EX-99.CERT. (2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as part of EX-99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Van Kampen Municipal Trust (Registrant) By: /s/ Ronald E. Robison - ------------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: December 20, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Ronald E. Robison --------------------------------- Name: Ronald E. Robison Title: Principal Executive Officer Date: December 20, 2007 By: /s/ Stuart N. Schuldt --------------------------------- Name: Stuart N. Schuldt Title: Principal Financial Officer Date: December 20, 2007 EX-99.CODE 2 c21527exv99wcode.txt CODE OF ETHICS CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS ADOPTED JULY 23, 2003, AS AMENDED AUGUST 10, 2005, SEPTEMBER 22, 2005 AND SEPTEMBER 22, 2006 I. This Code of Ethics (the "Code") for the investment companies within the Van Kampen complex identified in Exhibit A (collectively, "Funds" and each, a "Fund") applies to each Fund's Principal Executive Officer, President, Principal Financial Officer and Treasurer (or persons performing similar functions) ("Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting: - honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. - full, fair, accurate, timely and understandable disclosure in reports and documents that a company files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund; - compliance with applicable laws and governmental rules and regulations; - prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and - accountability for adherence to the Code. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Any question about the application of the Code should be referred to the General Counsel or his/her designee (who is set forth in Exhibit C). II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund. Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Fund. The Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this Code, unless or until the General Counsel determines that any violation of such programs and procedures is also a violation of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the investment adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Fund and its investment adviser. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund. Each Covered Officer must not: - use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally (directly or indirectly); - cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or - use material non-public knowledge of portfolio transactions made or contemplated for, or actions proposed to be taken by, the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions. Each Covered Officer must, at the time of signing this Code, report to the General Counsel all affiliations or significant business relationships outside the Morgan Stanley complex and must update the report annually. Conflict of interest situations should always be approved by the General Counsel and communicated to the relevant Fund or Fund's Board. Any activity or relationship that would present such a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if an immediate member of the Covered Officer's family living in the same household engages in such an activity or has such a relationship. Examples of these include: - service or significant business relationships as a director on the board of any public or private company; - accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year from any person or entity with which the Fund has current or prospective business dealings, not including occasional meals or tickets for theatre or sporting events or other similar entertainment; provided it is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; - any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; and - a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership. III. DISCLOSURE AND COMPLIANCE - Each Covered Officer should familiarize himself/herself with the disclosure and compliance requirements generally applicable to the Funds; - each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Directors/Trustees and auditors, or to governmental regulators and self-regulatory organizations; - each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and their investment advisers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and - it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. IV. REPORTING AND ACCOUNTABILITY Each Covered Officer must: - upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he has received, read and understands the Code; - annually thereafter affirm to the Boards that he has complied with the requirements of the Code; - not retaliate against any other Covered Officer, other officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and - notify the General Counsel promptly if he/she knows or suspects of any violation of this Code. Failure to do so is itself a violation of this Code. The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any waivers(3) sought by a Covered Officer must be considered by the Board of the relevant Fund or Funds. The Funds will follow these procedures in investigating and enforcing this Code: - the General Counsel will take all appropriate action to investigate any potential violations reported to him; - if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action; - any matter that the General Counsel believes is a violation will be reported to the relevant Fund's Audit Committee; - if the directors/trustees/managing general partners who are not "interested persons" as defined by the Investment Company Act (the "Independent Directors/Trustees/Managing General Partners") of the relevant Fund concur that a violation has occurred, they will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer or other appropriate disciplinary actions; - the Independent Directors/Trustees/Managing General Partners of the relevant Fund will be responsible for granting waivers of this Code, as appropriate; and - any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. V. OTHER POLICIES AND PROCEDURES This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' investment advisers, principal underwriters, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act and Morgan Stanley's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Code. VI. AMENDMENTS Any amendments to this Code, other than amendments to Exhibits A, B or C, must be approved or ratified by a majority vote of the Board of each Fund, including a majority of Independent Directors/Trustees/Managing General Partners. VII. CONFIDENTIALITY - ---------- (3) Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics." All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees/Managing General Partners of the relevant Fund or Funds and their counsel, the relevant Fund or Funds and their counsel and the relevant investment adviser and its counsel. VIII. INTERNAL USE The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion I have read and understand the terms of the above Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the above Code. - ------------------------------------- Date: ------------------------------- EXHIBIT B COVERED OFFICERS Ronald E. Robison - President and Principal Executive Officer Stuart N. Schuldt - Chief Financial Officer and Treasurer EXHIBIT B (PRIOR TO JUNE 4, 2007) COVERED OFFICERS Ronald E. Robison - President and Principal Executive Officer James Garrett - Chief Financial Officer and Treasurer EXHIBIT B (PRIOR TO NOVEMBER 15, 2006) COVERED OFFICERS Ronald E. Robison - President and Principal Executive Officer Phillip G. Goff - Chief Financial Officer and Treasurer EXHIBIT C GENERAL COUNSEL'S DESIGNEE Arthur Lev EXHIBIT C (PRIOR TO DECEMBER 1, 2006) GENERAL COUNSEL'S DESIGNEE Barry Fink EXHIBIT C (PRIOR TO OCTOBER 1, 2006) GENERAL COUNSEL'S DESIGNEE Amy Doberman EX-99.CERT 3 c21527exv99wcert.txt CERTIFICATION I, Ronald E. Robison, certify that: 1. I have reviewed this report on Form N-CSR of Van Kampen Municipal Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: December 20, 2007 /s/ Ronald E. Robison ---------------------------------------- Principal Executive Officer I, Stuart N. Schuldt, certify that: 1. I have reviewed this report on Form N-CSR of Van Kampen Municipal Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: December 20, 2007 /s/ Stuart N. Schuldt ---------------------------------------- Principal Financial Officer EX-99.906CERT 4 c21527exv99w906cert.txt 906 CERTIFICATION Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Municipal Trust In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended October 31, 2007 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: December 20, 2007 /s/ Ronald E. Robison ---------------------------------------- Ronald E. Robison Principal Executive Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Municipal Trust and will be retained by Van Kampen Municipal Trust and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this Report, but not being filed as part of this Report. Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Name of Issuer: Van Kampen Municipal Trust In connection with the Report on Form N-CSR (the "Report") of the above-named issuer for the period ended October 31, 2007 that is accompanied by this certification, the undersigned hereby certifies that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer. Date: December 20, 2007 /s/ Stuart N. Schuldt ---------------------------------------- Stuart N. Schuldt Principal Financial Officer A signed original of this written statement required by Section 906 has been provided to Van Kampen Municipal Trust and will be retained by Van Kampen Municipal Trust and furnished to the Securities and Exchange Commission or its staff upon request. This written statement required by Section 906 is being furnished with this Report, but not being filed as part of this Report. -----END PRIVACY-ENHANCED MESSAGE-----